TeamSwift

The smoke at startup is very common on this particular Suzuki engine. Caused by the valve stem seals on the exhaust side. The oil pools up there and leaks down when it sits. Annoying but generally harmless, and most seem to use nearly zero oil between changes despite this in my experience.
I bet that engine runs smooth and has good power. If that's the case I would think it would be a waste of time and money to tear into it for the sole reason of wanting to see a higher number on the compression guage. Also you stated that you don't drive it anymore, so would you see a return on your investment if you rebuilt it?
In a perfect world your numbers would be higher, I just know I've seen a lot of these with lower than spec compression numbers do the job needed for many years, often until the car gets parked. Now if the engine has oil burning issues or other problems then a rebuild might make sense. To get new compression numbers you will need to bore it out with new pistons as well as a head rebuild. It can be quite hard to find rings that f

A leakdown test will confirm where that cylinder is leaking. Most likely an exhaust valve isn't sealing anymore. If you go ahead with a rebuild and land up reusing the current pistons, make sure you get the right rings. For some reason it's tricky to find them for the 98-01 1.3 16v's. I tried three different sets before I gave up once, but I pretty sure there is a brand that does make them. They are very expensive from the dealer.

Sorry, I went way off on my first post then deleted. I didn't catch the 30psi cold on cyl 2. That long rambling was just pertaining to not taking apar a good running engine strictly because the compression is down a bit on all holes but fairly even. I've seen old 3cyls with 125psi across that work well for ages, although technically the numbers are down from what they should be.
Does your engine run rough? The compression really jumps up once it's been ran. I used to replace the valve stem seals without removing the head. It was tedious but not that hard. If you don't use it a lot and it generally runs ok but the smoke annoys you I'd do them without removing head and just keep in driving it

No way it's easier, but you could send the head out at that point to have a proper rebuild. Basically in your case if you pull the head you will be going the whole way I suspect. That engine should run very smooth, the 4cyl suzukis are all quite smooth runners when healthy.