A gt swapped to a 2.3 Turbo...that's a new one!
As for the smoke- if there's no coolant in the oil or oil in the coolant and the car runs good, there's a good possibility the smoking is caused by the turbo. When I had my old Turbo Coupe I was always having problems with oil getting past the turbine side oil seal into the exhaust, causing a smoking issue at idle.
2005 Mustang GT
CMS Stage 1 cams, Lito Tune, C&L Racer, CMDP, SR UDP, JBA LT's & catted H, FRPP Touring AB, Koni STR.T, BMR springs, J&M upper/mount, BMR lowers & brackets, J&M pb, Steeda Tri-Ax, Brembos
2009 Ranger XL SCab-4.0, auto, 4WD