If this smoke-screen happens when your engine is on the "over-run" meaning during engine braking going down long hills, then it is CERTAIN that some form of oily material other than fuel MUST be getting into the cylinders, and being vaporised.
This does not rule out the possibility of WATER getting into cylinders from a blown head gasket or cracked head, etc.
The options are very few, and ENGINE OIL entering the inlet tract one way or another is almost a dead cert.
FIRST - attack the engine BREATHER SYSTEM. Make sure it is all clean and working properly. It should be capable of separating OIL from FUMES. The oil should stay in the engine, but the fumes should go to the inlet somewhere, probably just before the Turbo inlet. Yours may be passing ENGINE OIL into the inlet tract.
SECOND - get the pump set properly so that you can be SURE the tickover is set correctly and is NOT being controlled by the throttle linkage.
THIRD - get the timing sorted for sure.
Lastly, know what to do if the engine starts to FREE RUN on it's engine oil.
The ONLY thing to do is BRAKES TO A DEAD STOP, WITHOUT DIPPING THE CLUTCH UNTIL THE CAR AND THE ENGINE HAVE BOTH STOPPED.
If you dip the clutch before the engine stops the engine will free run to amazing revs (10,000 rpm plus!) and probably blow up big time.
CharlesY