best way to check is to yank the intake tube off and check the turbo for looseness.
I have opposite issue in my 96. White smoke at idle. A lot when cold, mostly clears up when warm. 250,000mi. Has arp studs, and doesnt use a drop of coolant. Runs fine and doesn't get hot.. Just got it and I don't know the history but its pretty clean.
This a turbo issue? I'll pull intake this weekend to look for play.
Power does seem to fall off hard after 2100 rpm, then I let off, then pooof. White smoke.
How was your FP?