I'm certain you have the exact same issue as what I had as my turbo was doing exactly what you described and it bothered the crap out of me. Try a much thinner oil and see if that will get rid of it. My theory was that thicker oil had more pressure when cold and was pushing its way out of the seals, and the thinner oil had less chance of doing so... Or maybe the housing tightened up around the seals as it warmed up
The place that rebuilt my turbo said it was a common problem on them, or maybe there was a bad batch that had this issue
The place that rebuilt my turbo said it was a common problem on them, or maybe there was a bad batch that had this issue

that would've been belching out some smoke?

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