Hi Dave, yes, if it is emitting bluish-white smoke and the compression is low, then it probably needs new rings. There are some other less common causes of bluish-white smoke, so a compression test is called for to confirm it.
To replace the rings, you need a "head set" gasket kit, new rings (I got mine from Repco), feeler gauges, and an oil pan gasket. If the cylinders have do discernable ridge, you don't even need a ridge reamer. The A-series is a good engine and usually rings is all that is needed. The feeler gauge is to measure the ring end-gap in the cylinder and side-gap in the piston. Be sure to follow the procedure in your repair manual (Gregory's, Haynes, Datsun
Factory Service Manual, etc). Datsun does not call for honing or glaze-breaking, so keep it simple unless the cylinders are worn. If there is a discernable ridge near the top that you can feel with your fingernail, then it gets more complicated, and the bore dimensions should be checked with micrometers and boring may be required.
While you have the oil pan off, check the bearings with plastigage ($5). Chances are they will measure out fine if you don't hear any knocking now while it is running.