It's starting and running fine except for the oil problem. The machine has about 1700 hours on it and most of those hours are at 1/2 throttle or less. Oil is black, no sign of water in it. I'm going to tarp the engine compartment tomorrow and put a 500 watt light in there and hope for the best. I can't tear into it with the snow coming.
I have been thinking about this.
I am VERY experienced with turbochargers, I don't mind telling you.
The most important question for diagnosis is temperature.
What is the temp of the engine when you see liquid oil out the exhaust?
A leaking turbocharger dynamic seal will give you a smokeshow/stinkshow (not liquid oil) when the engine is HOT, because of very high EGT in the turbine housing.
When the engine is very cold at startup, the oil pressure relief will be open, because the oil pressure will be VERY high, this could show you liquid oil out the exhaust (if turbo seal is bad) for a few moments because the exhaust configuration is relatively short on your machine.
Also - keep in mind that a dynamic turbocharger seal is called that because it is dynamic - it changes with temperature. It is another part of your engine that needs to "warm up"
However, none of the above explains the pressure in the valve train - which is drain only - outside of journals, of course.
Are you really sure the engine sounds good?
Do you have ice on the OUTSIDE of the head?
Can rain have gotten INSIDE the muffler (ice on rear of exhaust valve seat)?