Did an experiment today on the way home from work. As long as I specifically avoided spooling the turbo, my oil gauge will read high. Once I open the throttle and let the turbo spool up, the gauge drops. I had always associated the impossibly high/low gauge readings with the infamous faulty oil reading problem (bad engine ground, I believe the culprit is?), but was just a random interesting anecdote. I'll be removing the heat shields and doing some diagnostics on the turbo here soon, planning on getting it rebuilt and turned into a 14/11.
I too am assuming that the turbo is the source of my oily mess. Gives me an excuse to rip it off, port the wastegate and do some mods while it's rebuilt.