you will smell oil, and it will smoke, its a smell that doesnt disappear in a hurry.
the bleed points, one will be at the front of the plenum and one at the top radiator hose i think. they are 10mm bolts that have a little yellow sticker near them.... undo them both, when coolant starts coming out put that one back in, then when it starts coming out the other, put the bolt back in that.
you may have a leaking water line to the turbo, did you check the washers?? maybe you dropped one or something. did you bend the pipe or man-handle it in any way??
cheers
Linton