I don't want to be rude Mike, but I saw you dug up an old thread so clearly you're feeling very worried and feel like you need more answers...
I think you need to attack the problem a bit more logically.
Don't worry about broken head gasket, destroyed rings, petrol leaking into the sump... All of these are really, really fairly unlikely. Possible, but unlikely.
So, help us to help you:
How much oil are you visibly losing from underneath the car? Please describe... a constant drip? Or is the underside just coated in oil?
suffer from blow-by (this is where the sump gets pressurised by gas leaking past the rings). For explaination: Crankcase - Wikipedia, the free encyclopedia
Therefore, you need a working ventilation system. On the twin spark this is the tube you picture here:
alfa romeo | Flickr - Photo Sharing!
You said you put a cone filter on... Did you replace these pipes somewhere? You can't just block them off.
At the very least you need the one going to the throttle body (you have this attached in the picture), and the other one just needs a silly little filter on it.
Can you absolutely rule out a faulty crank case breather?
Only then should you be doing compression tests and worrying about major engine death, in my humble opinion.
Hope this helps/reassures you