The original 7.3 was an IDI( indirect injection) just like the older 6.9. The only factory turbo 7.3 idi was in 93-94 and it was an option . In 1994 you could get a 7.3 IDI, 7.3 IDI turbo or the 7.3 DI ( direct injection ) aka "power stroke" .
OP, I might suspect the turbo too for oil consumption but it should be easy to verify by removing the "hat " or the inlet pipe from the turbo to the intake manifold, you should find a lot of oil there if the the turbo was at fault. Another are the IDI was prone to injest oil was from the valve guides being worn. If compression was truly in spec then I doubt you have excessive blow by causing the oil consumption.
The turbo can be removed/deleted but you would probably need a N/A donor truck for the parts that you would need to swap. A few brackets, air filter housing, exhaust manifolds and pipe and a few brackets. You may also need to learn how to defuel the IP pump if it was turned up to compensate for boost.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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