Plugs seem oil fouled and bike is using oil, no sign of smoking, compression test showed 150 psi with cylinders near equal. I suspect valve oil seals and perhaps the rings. If I do the oil seals should I go and do the rings regardless? Thanks!

 

Bad valve seals were fairly common on 2004 & early 2005 1200's, Harley released updated seals during 2005.

You can check for bad valve guide seals by revving the motor and watching the exhaust pipe for smoke as you "slam" the throttle CLOSED. If you get smoke from the exhaust as the RPMs fall off, that's typically bad valve guide seals. Bad rings will usually smoke from the exhaust as you quickly OPEN the throttle.

Can't comment on doing rings, you didn't list the mileage on the bike.
My 04 1200 had bad valve seals but I ignored it. Went ~95,000 miles and then did a 1250 upgrade including the top end & cams.

 

Bike has 20K on it, runs very well, have only seen one small puff of smoke while revving it up. I could easily ignore it, I agree.