<VV> Smoking Engine

[Jim]

I have a 1964 Spyder and it has taken up the bad habit of smoking.  The engine and turbo was rebuilt about one
year ago.  This problem has started only recently.  I have checked the compression on all of the cylinders and 
they are fine.  There is no leak down on them either.  There is no air leaking into the crankcase with pressure
is added to the cylinders.

This does NOT occur when the car is in gear and running down the road.  It will smoke after idling for a minute
and then accelerate, and stops after about 30 seconds.  This is usually a large amount of smoke.  This does
not occur every time, but most of the time.  

I am wondering if something has broken in the turbo, like a seal.  Can the turbo be checked without disassembly?

Any and all assistance will be greatly appreciated.

Thanks,
Jim V.