Ok if the turbo is ok , then i would check the easy things first . I had a problem with the pcv valve pulling oil into the turbo and intake , try to pull it and see if it burns off the oil and stops smoking.
I just got a 82 Sport Coupe 48,000 original miles excelent condition. I would like to know where the PCV vale is. My car smoke's after I put the pedal to the medal, so I want to replace the valve and see if it is the problem. I know with the low miles and its age it could be seals in the motor. The car is completly stock.