hang in there chris. know how you feel, I've been through those emotions several times before when things go wrong but you just gotta keep on swimming forwards and diagnose the issue logically.
I had the same issue back in 2011 with the worn turbo seals n bearings.
started clear from stone cold and then goes steamy then misty smokey plus leaking oil behind the turbine bit
http://micra.org.uk/threads/pollymobiles-rebuild.35251/page-39#post-486647
normal turbine seals are like piston seals with a straight cut gap and gets worn with a bigger gap or starts to carbon up n stick.
I rebuilt it with new bearings and upgraded to a staggered/stepped turbine seal for a better seal especially with a decat, resolved the bad return pipe fitting and it never since leaked any oil or smoked and shaft is tight snug.
http://micra.org.uk/threads/pollymobiles-rebuild.35251/page-39#post-486823
so I'd suggest as guys said:
unplug the oil return,point into a container and check oil is flowing freely out the turbo (careful u don't run too low on oil
), does it stop smoking while running a short while?
remove elbow n check for any oily stains in the turbine,
check the compressor outlet ain't leaking oily mist into the inlet,
open the butterfly throttle and check the inlet mani isn't flooded with oil from the PCV (slight oily dampness is norm),
remove the turbo mani and peak into the exhaust ports for any major oil stain drooling down the stems from worn stem seals,
fit a stock manifold and check if it stops smoking,
if all those are fine then the turbo prob needs a rebuild as a last resort