If it happened suddenly, I would check the turbo, the rings are gradual unless they break.
Turbo seal goes out it is instant oil down the intake and the engine smokes, but it can also go bad on the exhaust side and blow pressure down into the crankcase though the oil drain tube as well and do what you are describing.
With that many miles on a diesel, it should be just getting broken in, unless it had no maintenance at all or oil changes.
So if you are going to be keeping the unit, replacing the turbo now and it makes no change is just going to part of the rebuilding process. If it cures the issue then you are good to go, if you want, the next step would be to do a compression check, but on a diesel for most people that is a hard one to do since the injectors have to be pulled out or at least the glow plugs.
You can though, run the engine to temp and hit the exhaust ports on the manifold with a temp gun and get the readings that way. If all the temps are the same or a few degrees apart, then the engine is wearing normally, if you have a bad seal on the rings, that one exhaust port will be a lot cooler than the other three.
But as a normal diesel engine goes, that should hit over 200,000 miles without breathing hard, just oil changes, some injector upgrades and the like.
But the easiest thing to do would be hit the exhaust ports first to see what your temp spread is at.
Good luck!