I expect it will be, one thing u could do but i really don't like suggesting it so PLEASE PLEASE PLEASE don't hold it against me....

you could try removing theoil feed from the turbo (and blocking it obviously unless u want your engine rust proofed), and then start and run the car. Obiously with no pressurised oil entering the turbo, thiw sill determine if the turbo is making the smoke? DONT WHATEVER U DO DRIVE IT LIKE IT, that would be suicidal, the turbo's going to spin even on tick over only about 4 rpm, so don't do it for too long, but this should help u reach a decision, and if not the turbo should still be ok as loing as u DONT DRIVE IT OR REV THE CRAP OUT OF IT.

when u say squeeze the gasket twice?? do u mean the torquing sequence of the head bolts?

yeah i agree, ive got to change the cam as i was giving it a good old thrashing, a few days before i took it right round to the rev limiter in 5th (130+, sh!t scary), then about a week later i was having a good run down a country road n a lobe went on the cam, hence the reasing for parking it up, so anyways when i do that i'll check the stem seals but they were brand new when the new valves were fitted on the head.