Although it could be the valve guides (particularly the start-up smoke). Smoke from valve seals when running usually isn't a big problem with turbocharged diesels. I'd suspect the turbocharger as the main culprit. Another possibility would be an engine with a lot of sludge. The sludge blocks the drain path from the heads back tot eh oil pan. This leaves a lot of oil in the heads around the vale stems - and encourages leakage into the intake track.
If I wanted a decent answer, I'd ask for Jim Warman's advise. He actually works on Ford diesels.
Ed