+1 on the compression test. At high mileage it's prudent to have it checked out. Mine has more mileage than yours, so don't worry too much. When you say 'topping off' how much are you talking about? If it's like a liter every month, I'd be concerned enough to get it fixed promptly.
+1 on the oil. You're too thin & too wide.

I'd use regular old 5w30 or 10w40. I try to keep the visco range as tight as possible - wide ranges like 5w60 add more polymers...that means less lubricant. I also use a blended synthetic. Here in the USA they're allowed to sell blends as 'full synthetics' but that's typically what I use...Mobil1 or Castrol Syntec 10w40 or 5w50 year-round...whatever's on sale. The dino 'carrier' oil keeps the thin synthetic from leaking out of my seals...and the M42 is famous for oil leaks.
Hopefully it's just a few weak valve seals or oil seals and you're blowing it out the exhaust. It's hard to detect burning oil if it's a little at a time, you'd need a diagnostic exhaust gas analyzer to be sure.
You can also send a sample of your motor oil out for chemical testing - they'll let you know with a very high degree of accuracy about what the motor needs. Blackstone labs in the USA charges about $40 IIRC.