Dino 246 help needed

My '72 Dino 246 GT is in the shop. Brought it in originally for a tuneup. At 4500rpm and above, the engine was breaking down, and at highway ramps, the car seemed to starve of fuel and lose power momentarily. Also significant oil leak.

After shampooing the engine, the mechanic started the car and in 10 minutes, a significant puddle formed. Looks like cylinder gasket/seal (not sure the term). Also, cylinder 1 had been diagnosed with low compression, and a leak down shows escape from exhaust. Mechanic thinks faulty ring/piston/guide. And regarding the engine breaking down, he thinks adjusting the carbs and checking the points/wires should do it. The car has MSD.
I was going to get the engine rebuilt in the winter, and would like to drive during the Summer. What do you think? Is the car safe to drive, or should I just get the work done? The mechanic seems to think that as long as I do not rev the car hard and keep topping the oil, I should be fine.
HELP!

How big and serious is the oil leak is the important question based on your plans. You don't want anything happening to the bottom end of your engine. The heads and pistons are a real common issue these days as well as cam lobes. So thetop ends are easily repairable, bottoms ends are far harder and more expensive to redo or replace in case of oil problems.

JRV,
What does this mean? Sorry, I am totally clueless about engines at this time. Are the symptoms a big issue? Should I drive until fall/winter? My plan was to repiar whatever was necessary so the car runs well. Not interested in concours or full restoration. Super runner I guess would describe my intentions.

When I park the car after driving it, the next morning there is a puddle about 8-10" diameter, wet but not deep.

Adrian, why don't you have your guy just simply fix the oil leak and then drive the car until you're ready to do more comprehensive work.

The oil leak sounds like something that can be fixed with the engine in the car. The rest of the issues can be addressed in order of impotance so you can drive the car until you had planned more comprehensive repairs. The order of importance reads like this:

1- Oil Leak
2-Points/Ignition Problem/Plugs
3-Carb Float Levels/Fuel Pressure
4-Drive the car for awhile

Thanks JRV, that's what I was hoping you'd say. By the way, do you still carry FULL liability insurance for advice given?!!!
Best regards

Hi Adrian, I "was thinking about" hanging a sign in my office that reads:

Due to a recent Complaint about the Quickness and Quality of FREE WORK, this Service will no longer be provided!

;-)

ps: those Dino engines will be fine as long as they don't run low on oil or overheat. then when you're ready fix it up.

I was a sign once in a retail store. Had a picture of an astounded face:
" You want WHAT??!!!
You want it When??!!!
And you want to pay HOW MUCH???!!!"