Smoking engine

[85LEBARON]

Interesting situation: 88 Shelby Daytona T11 with an older engine and a rebuilt head. Good oil pressure and runs very nice but when I slow down, using the engine compressbion, and then accelerate it leaves a cloud of smoke that would make a battleship proud. But when I slow down just using the brakes and leaving the car in neutral then there is only a light cloud of smoke. I think it does smoke lightly when I am driving. Anyone have any ideas?

[Steve in VA]

Pull the lower intercooler hose off the turbo. does the intercooler have oil in the bottom opening? Got some oil sitting by the compressor wheel? Wiggle the center compressor wheel, does it move more than normal? Time for a rebuilt turbo.

[turbovanman²]

Check what he said then drop the DP, look for oil, if ok, pull the plugs and post up the pics. How is your PCV setup?

[85LEBARON]

Lower intercooer hose is clean and dry no sign of oil. Compressor wheel is good, no play.
Simon do you mean the exhaust down pipe? I don't have a PCV valve it is vented from the cover to the engine bay with a small air cleaner. A small amount of oil is coming out of the air cleaner.
I took one spark plug out and it is light grey but i will take them all out and post pics tomorrow.
Cheers,

[turbovanman²]

Lower intercooer hose is clean and dry no sign of oil. Compressor wheel is good, no play.
Simon do you mean the exhaust down pipe? I don't have a PCV valve it is vented from the cover to the engine bay with a small air cleaner. A small amount of oil is coming out of the air cleaner.
I took one spark plug out and it is light grey but i will take them all out and post pics tomorrow.
Cheers,

Yep, the exhaust down pipe.