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I had a situation similar to yours where under boost there would be smoke and an increase in oil consumption. My problem was simply a leaking gasket from the turbo oil return pipe into the block. This is a simple o-ring gasket that seals the turbo oil return line to the block with a compression fit. Under boost I would see white smoke tailing from my vehicle. If the smoke is white and doesn't seem to be coming from your tailpipe, I'm even more inclined to think this might be it. When the oil drips from the gasket it drops onto the exhaust downtube and smokes immediately. Check where the oil return pipe from the turbo enters the block and see if there's any oil residue or if there's some oil on the oil cooler hoses. This condition wouldn't smoke when idling or if rev'd in the driveway. The gasket cost $4.50 and there are instructions for the install in the faq's. B230's are amazing engines, in my opinion the best Volvo ever made.
Something to take a look at anyway, seems it seems like your motor might be in good shape otherwise.
Mike
1993 944t 110K
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