i think the clue here is that it was "pulling like a train right up to the red line", so it sounds like an overboosting problem, which on a quite high milage ? turbo would be the last straw and would end up drawing the oil out the engine and dumping it out the exhaust, best bet would be to check the turbo bearings and seals, or fit the old parts and start again. Bear in mind that,when you start it up again you will still be burning oil again, and probably oiling up the spark plugs until the oil deposited in the cylinders and down the exhaust will take a while to burn off, good luck.