Wish I had read this post earlier.........
My sled did the EXACT SAME THING! I towed the darn thing out of the back country and everyone I was with had their own scenario of how I just blew up my turbo sled (All other brand 2-stroke riders).......
Well, my Roll-Over valve froze up in the closed position (I have it mounted correctly on the crank vent from the plenum) and caused oil pressure to build enough to push oil past the piston like rings in the turbo. I mean it smoked and smelled like I toasted the thing.
I went through alot of the same checks that you have, and everything checked out fine (lines, pump shear pin, etc....). In the end, I found it to just be the ROll Over Valve being froze up. IT TOOK QUITE A WHILE to get the thing to burn up all that pushed past oil in the exhaust. Like an entire sled ride!
I would venture this was your issue, ESPECIALLY, if you had a K&N filter on there to really freeze it up and block it off, AND your roll over valve was hanging up and mounted in the wrong hose for the MCX application.
In the end, I have removed the Roll-Over valve (cause it is pretty much pointless on the MCX turbo set up with the overflow type cavity) and just have the 90 degree bent pipe on the plenum/crank vent. The guy I really trust about turbo MCX sleds told me he wouldn't run the roll over valve............ I have not had any issues since. I do think the ROV is more beneficial with the stock sled due to the absolute MESS you make rolling the thing over. To be 100% fair, the manufacture of the ROV sent me a new valve and made sure everything was working at no charge. He is a great guy and company. I have just chosen to not mess with that valve any more.
Did I mention this happened on the last day of a 10 day sledding trip? I had to ride a spare sled my buddy brought......... a 600 Ski Doo...... talk about NO POWER compared to a 270 kit! BUT, I was grateful to ride that day.