check your cam timing, and injectors those are the two most likely candidates. it could be a failing turbo oil seal but that would also show as excessive smoke at high rpm more than idle as with rpm the oil pressure increase would push more out the seal. does the smoke smell kind of sweet? or is it more like burning plastic? sweetish smoke tends to be uncombusted fuel while oil smells more like burning plastic. depending on exactly whats up they can both appear blue white. and finally what did you do to restore compression it may be that it has a burned valve or glazed rings and compression returned to the low value it was before causing the smoke.

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1985 300D om617: 8mm M pump 175cc 5200rpm, holset he221w @ 30psi, large A2W ic, compounds on the way.
KD9AFT
A&P