If there's considerable liquid oil dripping out the tail pipes, it has to be a bad turbo seal or bearing into the turbine housing. That much oil in a combustion chamber would cause hydrolock.

If possible, remove the pipe from the exhaust manifold collector to the turbo. The nuts are easy enough to get to. It might take a good whack to unset the pipe. See how much liquid oil is coating the pipe. I expect little to none if my turbo seal hypothesis is correct.

The pipe could be 10" in diameter if your car still has the trap oxidizer. Else it'll be closer to 4" in diameter.

Sixto
87 300D