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Oil leaks in the valley are not that uncommon, they can usually be fixed with o-rings and a little time. Often times the intercooler boots seep oil and that creates an oily mess however it usually does not puddle up. Turbo orings, back pressure actuator, & hpop is the common oil leak generators on the 7.3.
The turbos are a gold color from the factory so I dont think that is an issue.
The smoke at start-up is something to watch after it has been run and you start again. White smoke is unburnt fuel and the blue is oil obviously. It could be like you said and just had not been run in a while.
20k is far too much for a y2k IMO. That truck should not be any more than 12-15k, I haven't booked it out but that seems high.
You need to have the ses light looked at before buying, to me any dealer selling a vehicle with a ses light is not one to buy from.
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Ken
2002 F-350 CCLB 4X4, HD4R100 , Riffraff FRx, Riffraff CAC Boots & PRI's, Bellowed Up-Pipes, 4" Diamond Eye exhaust, Powerslot rotors, ATS Ported Compressor Housing, DP Tuner-F6, Autoenginuity, EEC-V Breakout Box, KCM S.S. HPX Line, S&B Filters intake, Quad Autometer gauge pod, Inovations canopy, Banks Big Head wastegate actuator, 6.0L Trans Cooler, Spin-on Transmission filter with custom bracket, Zoo-dad, Dieselsite Coolant Filter, Cobra 29LTD/NW CB, DVD and always looking to do more....  
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