I want to have the engine get a clean bill f of health for a couple of reasons.-
1. The last time I drained the oil, the magnet in the pan had a sizable amount of metal flake covering it. No copper coloring, just shiny metallic.
I did a compression check and it showed that everything was good and almost identical numbers across the board.
2. There is a hint of smoke at start up which goes away within a couple of seconds. That isn’t worrisome to me. However, once the engine is warm, if you bring up the RPM to around 2k and drop it it suddenly to idle, the smoke comes rolling out. I have not done a leak down because as I understand it, that won’t tell me the condition of the oil rings.
I know you said the car as it sits has ran 10.9's at 20 psi so you should have a lot left in that turbo but to get deep into the nines is a long way from where you are, which is why there are more cars in the 10's than the 9's. Of course it's gonna cost but if you have the coin, go for it. Of course I've not done it because of that cost so who am I to give advice at that level.
At least you have a goal in mind so you can get there.
As far as the flakes, it may need to come apart to check the bearings but it sounds like you really don't have that many miles on the car after the last re-fresh. Some flakes are normal on break-in so they may not be as bad as you think.
About the smoking, I believe your problem is your valve stem seals, which is common on cars that have sat. Seals dry up and shrink so oil gets past them. The smoke on start up is a classic sign. Oil has time to seep past the seals and run down the stems when the engine is stopped. What I think is happening is when you rev the car up the oil pressure increases and the pump moves more oil to the head. When you close the throttle to drop it back to idle, the engine goes instantly to a high vacuum state and since the seals are letting oil seep down the stems, the vacuum pulls the oil through the guides just like drink through a straw. It can also pull oil past your turbo seal. Check the pipe from the turbo to the intercooler for evidence of oil there.
Point is, your car may not be as bad as you think it is. Not a fun job but seals can be done in the car and then just a good spring cleaning and you might be able to enjoy the car sooner than you think. It won't be in the 9's but as far as taking your dad for a ride? My son would scare the crap out of me in a 10 second ride. Not that I have control issues, which I might, but he just can't drive worth a damn.