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 - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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