Stock-ish car boost cut + smoking at idle?

[RogueSteel]

1989 Turbo Targa Auto
Mods: 3" Turbo back w/ stock cat
air filter
PO SAYS: MHG + ARPs

When I start the car it seems like a knocking noise [almost] then returns to normal, idles fine, but hits the non descriptive "8+" psi on the factory gauge. sputters like a mofo then I get a CEL (maybe a backfire) and the accel dies, so I'm assuming boost/fuel cut. Then my friends dad noticed I left a big arse puddle of oil on his driveway. Also, when I let the car idle (like a long stop light) I start smoking out of my ass like I just ran a Seafoam cycle. Where do I start??

I bought this car yester-fucking-day...

 

[hvyman]

you hit 8psi im guessing boost? whats you oil pressure reading? does your turbo have shaft play? how old are your valve stem seals? what made you buy the car and how much for what kind of condition if you dont mind me asking? was he member on here? and if so who?

 

[isnms]

Start here > http://www.cygnusx1.net/Supra/TechTips/engine_error_codes.aspx

 

[RogueSteel]

you hit 8psi im guessing boost? whats you oil pressure reading? does your turbo have shaft play? how old are your valve stem seals? what made you buy the car and how much for what kind of condition if you dont mind me asking? was he member on here? and if so who?

I'm thinking 10psi of boost maybe? Oil is pretty low seems like 15psi at idle and 40psi running, not sure about the valve stem seals and I bought it because a week ago when i found it AND yesterday when I drove it lol $2900 its pretty clean.
Def not a member :3d_frown:

 

[hvyman]

for stock oil pressure gauge those are "normal" readings.

 

[RogueSteel]

Ok well thats good :3d_frown:

It really seems like I'm just all around screwed.

 

[hvyman]

i would start with the link isnms posted and check your codes. you can have codes stored even if the light is not on.

 

[RogueSteel]

No codes! x(

 

[87M-GTE]

I think it is a junk stock CT-26.

 

[mkiii racer x]

U said u bought the car yesterday so I'm assume u haven't changed any of the fluids or wires and sparkplugs I would start there and check all couplings and vaccum lines then gauge what kind of damage ur dealing with might jus need sum tlc....alsd make sure bolts are tight on the turbo