Check out the other recent thread about oil loss and smoking. Is there any similarity in the cases? Are you using as much oil?
Try disconnecting the crankcase ventilation hose that goes from the valve cover to the air cleaner and see if that makes any difference. In that other thread, the problem seemed related to that hose.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13