Blow By/bad valve

87xj, 4.0l, aw4, 171000mi. This engine has big time blow by oil in the air filter and oil in the distributor. A compession check yields the following: cyl1) 125psi, and 140psi with two sqirts of oil; cyl2) 152psi and 165psi; cyl3) 62psi, and 80psi; cyl4)145psi, and 150psi; cyl5) 155psi, and 175psi; cyl6) 140psi, and 150psi. It appears to me that the rings for #3 are in as good a shape as the other cyd's and that compression from #3cyl is going past a valve and up the valve guide into the cyl head cover and blowing oil into my air filter as well as pressurizing the crankcase and forcing oil into the distributor. Is this engine in good enough shape to spend the money on a new ar rebuilt head?

It would be cheaper to rebuild your existing head. It's quite likely that you have a burnt valve on the no.3 cylinder and the blowby could simply be due to a bad valve stem oil seal. The remaining cylinders show good compression and not much leakdown so I expect the short block is still in pretty good shape and has plenty of miles left in it before it's rebuild time.
Remove the head to find out what the damage is and go from there.