Doesn't sound too good. 
Wondering if it could be a combination of issues, since I wouldn't have thought that low oil would have caused it to blow black smoke.
I'm thinking along the lines of something going wrong with the timing belt change and the oil issue is a bit of a furphy.
I've got a surplus 300tdi sitting here, so PM me if it turns out to be catastrophic and you need something to get mobile.
Steve
				
			 
			
		 
			
				
			
			
				1985 County - Isuzu 4bd1 with HX30W turbo, LT95, 255/85-16 KM2's
1988 120 with rust and potential
1999 300tdi 130 single cab - "stock as bro"
2003 D2a Td5 - the boss's daily drive
			
			
		 
	
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