Thanks Mike.
Well today I pulled my turbo and took it apart. The turbine and the compressor housings were filled with oil. The shaft had NO play in it, so the bearings are still good. Though on the exhaust side, I noticed the "hat" or whatever you'd call it was loose. I'd think it'd sandwhich down between the turbine housing and the center section when fastened down. Here is a small video of what I'm talking about.
Here are pics of the turbo after taking apart. They do not do the amount of actual oil that was in the turbo justice...
There was NO oil in the IC and obviously none in the TB. There was a small trail of oil down the intake tube, but it came from the turbo.
I pulled all of the plugs and they were oil free and looked like this
I had a step colder copper plugs, which I installed. I cleaned out the compressor and turbine housing with brake kleen, reassembled and reinstalled.
It was smoke free until it started to heat up, and then it was belching the smoke again
I pulled the intercooler to find fresh oil was just starting to seep through into the compressor housing.
What I think (anyone think I'm off, or even correct.... please speak up
) is the seals in the turbo, or even a c-clip has gone out. Oil on both sides of the turbo, and not just a film or residue...but enough to form puddles. This turbo was either brand new or it's a garret reman from Allied Signal, with less than 1000 miles on it. I had a crappy oil return line, but it's been done correctly now. I am planning on pulling the turbo again and dropping it off to have it checked out with the idea of getting the seals replaced.
James Bonds was cool because he could turn this off with a flip of a switch 
