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oil blow by 760 turbo 700 1989

I have just purchased a 89 760 turbo wagon w 200 k on the clock. Owner told me he was adding a qt of oil every500 or so miles. Said he was told it was oil blow by & the head would need servicing. Car cranks & runs good but I noticed smoke coming from dipstick tube & oil filler cap. blow by to me would mean thst oil rings are failing. Does this sound correct? If this is true,then it should be fouling the plugs,which he said it is not doing. I have always wanted a turbo wagon & for 500 bucks, I'll suffer along. Hope to eventually do a build-up of block & head & re-do the turbo & maybe turn it up a little. I'm buying this car for the long haul, as I was bitten by the Volvo bug w/ a 91 740. 275,000 & it blowed a headgasket. I glassed it & sold it & its still on the road! Gonna miss the 16 valve engine, which was pretty quick for a naturally aspirated engine. Also is this engine in the 89 a circumfierence engine? Thansk,
Steve






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