We recently had to do this on my brother's car:
We took the exhaust housing off of a bad stock turbo and put a piece of sheet metal over the hole and held it in place using the "ring" that clamps the center section in place.
We used a brass plug to block the oil feed port off. Make sure you get the right kind of plug. A flat-bottomed plug will booger up the fitting. You need the kind of plug that has the taper inside of it like the actual fitting on the line.
The car ran decent. We didn't hammer on it or anything, but it moved along okay. We were trying to narrow down the source of a startup smoke problem.
HTH,
Jim