Sure, that's what blowby is, if it's the rings that are causing your low compression.
When I'm running a leakdown test, if I have a cylinder that shows too much leakdown on the gauges, I try to find where the air is going:
1) I listen in the intake manifold to see if the air is coming out an intake valve.
2) Ditto in the exhaust pipe to see if an exhaust valve is passing.
3) I take the oil cap off and listen in the valve cover to see if it's coming from the crankcase, which would mean rings.
The leakdown test is really a great way not only to find out if the motor isn't healthy, but to isolate the problem. Leaky valves are usually a lot cheaper and easier to fix than a new shortblock, but then, with the cost of these motors, it's hardly worthwhile going into one, when a replacement motor costs less.