what year is your truck? On the non dead headed trucks (pre sd) you can look in the fuel bowl, filter for signs of oil aswell on the regulator screen for o ring material.
The later pink o rings are actually pretty good (as long as they are good quaility ford ones, i've heard jobber ones can be crappy imitations).
Does the truck just smoke or does it run poorly aswell?
If its your turbo seals, just make sure you check your intercooler for being loaded up with oil, or your truck might run away.
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