Maybe. Blueish gray smoke is usually a sign of oil in the exhaust, which could be from the turbo or the piston rings or valve seals letting oil by. Other sources are obviously also going to be possible, but those are the most common. Pull off your intake pipe and hot pipe and see if the turbo is spewing oil into them, and check for shaft play while you've got the intake off.
If the turbo is ok, do a compression test to check your piston rings. You should be able to rent a compression tester from an auto parts store. You're shooting for above 150 psi per cylinder.