Smoke after Deceleration (Read for specifics)

Alright, lots of information - thanks guys.

Just to reiterate my problem: I get a good puff of smoke when I get back on throttle only after decelerating from high RPM (so engine is in hard vacuum for a bit). I can clearly see the puff through my rear-view mirror and it quickly goes away. From what I can see there is no smoke at idle, when under boost or just normal driving (all at least when warmed up).

Well so far I haven't been able to check much - this is a really busy week so I'll have to get to things when I can. Things I do know so far:

1) PCV still rattles around when I shake it so that should still be good
2) I have those Krank Vents installed and they both still rattle so they should still be good
3) I pulled the spark plugs on Monday and all plugs looked good (not oil soaked or anything)

(1) and (2) make me believe this is not a PCV issue but I still need to check all the lines for clogs just to make sure. As for (3) I suppose something could have blown out yesterday so I will also be checking the plugs again soon.

What I haven't done but plan to do shortly:
1) Check all PCV lines
2) Re-inspect spark plugs
3) Check turbo for shaft play
4) Inspect hot pipes for oil spray/residue
5) Compression Test
6) Leakdown Test?

Without this being something stupid like a clogged PCV or whatever I am leaning towards all this being either a bad piston ring(s) or a bad valve seal(s). If it is the turbo I am going to be severely pissed because I got it worked by Nick at MPi just last September and he assured me the turbo was fine.

Anyhow guys, keep up the input - this is what makes this community great!
 
Just a quick little update:

All PCV lines are clear of any sort of blockage. Also, the hot pipe is dry and there is no oil residue inside at all. I also played with the turbo a little and while there is a slight side-to-side play it does not appear to have any forward/backward play (which is the "bad" type of play) so I think I can probably run out the turbo. Also, after driving the car around town for a bit today I still cannot replicate the puffing issue. I did check the oil and it is about 1/8" below the "F" and I'm fairly certain I had filled it yesterday. Now I just need to recheck the spark plugs and will follow that with a compression test and then a leakdown test if needed.

On another note I am beginning to wonder if I over-filled the oil over the past few days and the excess was causing some blowby. I mean, if I over-filled the oil the oil return line would be backed up somewhat and that could lead to a buildup of pressure. Does this reasoning make sense? I have to drive another 100 miles or so today so I will be sure to look for puffs and I will check the oil level tomorrow to see if I've lost anymore.
 
Another slight update:

Still haven't managed to get around to much because it's been raining all day. I was able to check the oil and it appears to be at or around the same level it was yesterday so that is good I suppose. I drove about 60 miles yesterday, some being highway and didn't really see any smoke. I thought I saw one puff but who knows. I will hopefully be getting my hands on a compression tester sometime this weekend so we will go from there.
 
Still smoking. On throttle I'm blowing out a good amount of black smoke - but that's something completely different. Definitely blu-ish smoke off throttle though. Took it to a local dyno this past weekend and as soon as I let off I got some decent blue smoke - nothing under boost though and certainly nothing while just driving around. A lot of the local car club guys are saying it's my turbo; not so sure about that...
 
id wana say its the valve seals if it was the rings i would see it blowing the entire time when you let off your under massive vacume so i could see it being sucked by the valve seals
 
Yeah I'm fairly certain it isn't rings just because of the lack of smoke under load (blue smoke that is). It's definitely either the turbo or the valve seals and I'm leaning towards valve seals because the turbo was just inspected, cleaned and upgraded back in September. Need to do a leakdown test to find out for sure though. When I get the time I'm also going to pull the return line just to make sure nothing is blocking it up. As a side note it put down 214/220 at the dyno on Saturday but I'm pretty sure those aren't accurate because the dyno lost my ignition signal after 5500 RPM!
 
I had this issue with my gt2554r checked the ic piping and there was oil in the hot side, but when i checked the cold side it was completely dry, not a spec of oil. Anyhow I found a brand new gt28rs and replaced the stock and had the same thing, there was a little bit of oil coming out of the turbo and in the ic piping, this is a brand new turbo soo i knew it wasnt the turbo. I checked the oil and seemed over the last couple of weeks being scared of running dry on oil i topped up frequently, it was a little bit too much. I pulled the dipstick up a bit to vent out the excess oil to see if it would work, and no more smoke at all, checked the ic piping and no oil. I am also getting a code, I think its the pcv, which Ill change asap. Thinking it was a pcv problem this whole time, it was pressurizing the system which caused blowby but as soon as some pressure was relieved it was good. Let me know what you guys think. Also do you guys run a restrictor on your gt28rs and if you do how did you guys deal with the whole 4an male out and out stock male m11x1 thread, I have no idea how to attach it without changing the line to a 4an, Im in the process of fabricating my own fitting.
 
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