1984 Mercedes Benz 300d Burning oil

Engine Mechanical problem
1984 Mercedes Benz 300d Two Wheel Drive Automatic 350000 miles

My turbodiesel 5 cylinder engine has been burning oil and smoking pretty excessively as of late. It smokes more as the engine warms up (which is no surprise, because the oil is less viscous), and if I give it full throttle it will emit a huge smoke cloud (I'm talking James Bond smoke screen) once it gets to high rpm. The huge smoke cloud only lasts about 1 second, and will only do it once, although smoke still comes out of my exhaust (just not James Bond style). The engine power also increases 25-35% after the large smoke cloud. It almost seems that oil is somehow getting sucking into my air intake, is this possible? There is oil residue on the inside of the tube leading to the air filter, and there is plenty of oil residue in the air filter compartment. Is there any relatively cheap fix for this?