"Can I replace rings on this engine without pulling it? I'm thinking maybe so if a ring compressor will fit flush from the under side and clear the crank. I've only ever done rings from the top. "
And thats the only way you will ever do it.
Pull head and pan, remove the rod cap(s), push the piston(s) out of the cylinder. Don't mix up the rod caps.
Check the top of the cylinder for ring wear. This will be a lip at the top of the cylinder. If there is one, you must first remove it (there is a tool for doing this, not expensive) or the piston rings will hang on the lip.
Clean the piston, esp the ring lands. Install new rings with the gaps offset from one another. Clean up the cylinder with a hone, being sure to cover the crank journals to protect them from debris caused by the honing. Blow out with compressed air and wipe the cylinder to remove what ever the air didn't remove. Apply oil or assembly lube to the pistons, rings, and cylinder bore. Reinstall piston using a ring compressor.
You might want to replace the rod bearings while you're there. Mains too, if you've got the time.
Reassembly from here is the reverse blah, blah, blah.
I'd look at the valves first though, as they(it) can can cause the same type of problems that you are experiencing. You might try misting some water into the carbs using a spray bottle while the engine is running. This will usually knock carbon build up off of the valves and piston tops.
Hope this helps.