My Fiesta Turbo is smoking from cold BADLY, i have done valve stems, and the turbo was refurbed in 2004 and made into a hybrid the turbo, still looks in very good condition externally. Took the turbo off, and there is NO play at all, no signs of oil leakage internally, but externally there is fresh oil on the outside of the Turbo.
I have been told seals cause this problem, but would there still be no play in the turbo if the seal has packed up? as last thing i want to do replace the turbo if its fine

All advice greatfully received