Hi Ian,
Probably partly. I don't use oil rings in early (veteran) bikes, on the advice of the people who taught me about this stuff. There's also a riding/driving tip for old engines that goes with having no oil ring - make sure to roll off the throttle every now and then to draw some oil into the top of the engine to get at least a whiff of oil for the bore and the exhaust valve guide. And an eggcup of oil in the petrol for the inlet guide.
The price is scraping the crusty-oily crap off the top of the pistons every 20 years or so.
Oh, and keep the oil going in, and don't run lean, and don't over-advance the ignition, and don't over-rev the engine, and... it's not easy to keep a really old machine running nicely, and (fingers crossed) stop it from going bang. And that's assuming it has been rebuilt correctly - at least we have Radco to help us with that part of the game!
Cheers
Leon