engine in or engine out???

ok guys i ve got a problem !! ive got an ice blue 87 supra turbo sittin in my garage for about 6 - 7 years now (climate controlled ) when it was parked i was driving home from miami fla. to wg pennsylvania and it started spewing what looked like blue smoke !! 118000 mi so i check the coolant level is fine but the oil is low ! naturally i assume due to mileage my turbo went ! without thinking i get a new turbo and install ! - never completing by the way now 6 yrs later i want my toyota back !!! i am a certified chevrolet ( i know - iknow ) technician and want to get er done for this summer !! anyway here is my problem i can get a used engine for around a grand and install it or i can try and fire up my old one used has roughly 38000 mi !! whaddya think shall i stick the used one in and drive or fire mine up and see what kinda smoke i make please help me make a decision im killin the wife going back and forth --- talk to me guys

I would just fix the old one, Im not very keen on all the problems but since it is a turbo and has semi high milage it could just be your head gasket.

well thats what im thinking at idle white smoke at throttle no smoke ??? let off throttle smoke returns bhg?? or was it turbo problems im not sure im not real familiar with turbos - only deisels which i dont work on alot ???