I wouldn't be jumping to conclusions just yet, I had blue smoke on deceleration because my turbo oil seals were leaking.
I got the turbo rebuilt with a new core, gave it a blast up and down the motorway to clear out the pipes/intercooler of oil, and the smoke hasn't come back since.
If you aren't already on 5W-40 oil I would switch to it, this should squeeze out a little more life out of your engine if it's on its last legs.
It's weird that it's smoking yet not consuming much oil, mine was drinking 5.0L/1000km before the turbo job, and 0.4L/1000km after (in combination with replacing the rocker cover gasket and vacuum pump seal).
What's the mileage? Has the oil been changed regularly?