Guys,
Thanks for all the input... seems everyone also thinks that its not the turbo. I'll remove the inlet boot & muffler and take a look at the blade as copbait73 later today.
In some ways, I'm hoping its the turbo as otherwise, it likely means severe blow-by due to broken rings, valve stem seals, etc. A much more $$$ situation
Hopefully the leak down & compression test next week will reveal more info.
I also checked the crank case vent - the drip tank & filter I installed are dry as well. If I have blow-by, that would/should be wet?