malalaman mo kung turbo if smoke is not dark, and it only comes out on stoping the ride from pushing it long and hard. and the smell is distinctively uncooked oil.
unfortunately, it's a fx fitted with a 2ct surplus engine right? diagnose won't work kasi hindi original yung engine, some electronics are condemned. atleast fortunately, walang catalytic converter ride mo diba?
since you are certain it's not loose compression, then I would go for valve seal...
or blowby. yung nilalabas ang maraming oil sa PCV tapos balik sa air intake. you can try re-route your pcv to a can with ventilation. close your air intake inlet. drive it for a week and see how much oil has been lost.
btw, recently overhauled ba engine mo?
2CT engine specs inlcuding turbo compression pressure.
http://tsikot.yehey.com/forums/showthread.php?t=40308