If you still have the breather pipe hooked up from the right valve cover to the turbo inlet then the oil is pretty typical. If you don't then you might be due for a turbo rebuild. Smoke could also be coming from the PCV system.
Seals are probably shot .. 2 options .. if the the comp / turbine haven't touched the housing you maybe able to just put seals in it and call it good ..
Other option is to just upgrade the turbo to something more current
Seals are probably shot .. 2 options .. if the the comp / turbine haven't touched the housing you maybe able to just put seals in it and call it good ..
Other option is to just upgrade the turbo to something more current