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i have a 92 na-t and it was running 8.5psi and i was at the track made a couple of passes and then i pulled the vacuum on the wastegate and ran more boost. it went up to 12psi and during that pass white smoke was pouring out like crazy and the breather on the valve cover was blowing out oil. the temp was in the middle and i wasn't low on oil or any other fluids before the pass. my O2 gauge wasn't leaning out during the pass it was still reading rich and it is now miss firing. i don't know what is wrong with it. i'm guessing it could be a fried ring, melted piston, stuck valve or the most common 2J problem the BLOWN HEAD GASKET... if anybody can give me some insight as to what has happened or whats going on please let me know.
it sounds like something internal busted up. Probably a piston or two. Do a leakdown test to check for compression leaks, that would be my first place to start.