Oil additives?
Sam,
Not to be condesending, but have you tried torqueing down the various nuts and bolts where the oil is weeping?
Also, what about reconditioning said diesel? It would certainly be cheaper than $10,000 for a new one........ You don't say how many hours are on it though, but usually several thousand hours (if well maintained) is doable. At least a thousand hours would be acceptable in my view before any major maintenance is due (injectors, etc.).
As for a weak compression reading, it may be one of many things such as: loose head bolt(s) (real easy fix with torque wrench), leaky head gasket (fairly easy fix by replacing gasket), bad/seized/broken rings (uhhhh...not so easy to fix), and things such as bad liner honing, loose or missing seal in injector seat, bad/stuck valve(s), etc. Some fixes are easier and less $$$ than others. But cobbling it along until re-power or renew is possible.
One trick to get better compression is to add a few drizzles of motor oil into the bad cylinder before starting. Granted, this requires removing the injector to squirt the oil in, but if needed, it's worth it (better than crashing into dock). Also, WD-40 sprayed into intake while cranking helps 'light-off' the diesel as it's basicaly a well refined petroleum product which is highly combustable. It's similar to kersosene.
Anyway, try a thicker oil. If using 30 weight, try a more viscous (thicker) oil (40W?). Also, try changing oil brands as well. Each company adds its own 'slicker than snot' additive with some being more slippery than others, causing oil leaks to appear when used due to the 'slippery' additives. Also, changing oil more often to keep viscosity at correct level is an idea. There are those 'older high milage' oils out there, but not sure if they are available for diesels or if they even work....no experience with them.
As for additives, I am not a big fan, but if you are going to replace/renew the engine anyway, they probably won't do too much more harm. Others may have ideas. Just stick lots of oil-sorbs in the bilge to keep the Coasties off your back.....that possible $5,000 fine is half your budget!
John M.