So I got myself a hone, pulled the cylinder and removed the piston rings again. After I honed the cylinder I measured the ring gaps and came up with .024mm gap for the top ring and .022mm for the bottom ring.
According to the wiki I should have a .016mm gap since it's a 40mm bore (I also measured my cylinder to make sure this was what size I had) and that too big a gap can cause blow by, which could explain my low compression issue. But the wiki also says (when measuring gap), "Larger is OK, smaller has to be corrected"
So is there a certain tolerance that's its acceptable, and is my gap within that range? Or are these rings just too small? They were listed as OEM hobbit rings on Treats so I'm surprised that they aren't right. I guess follow up question if this is the case is can anyone recommend rings that are definitely the right size?