Your turbo is more towards the left side of the engine as you are driving, and if it the bearing in the turbo is getting loose, it will sound like a jet airplane when it is "winding up" for take off.
Are you absolutely certain the whine is from the engine area? Usually if an alternator bearing is going, you will get some fluctuation in amperage which is generally "felt" somewhat in driveability, and is often sistered with a check engine, SRS, or ABS light (since correct current is needed for so many components). It could also just be a sad belt. You can take a long screwdriver and place it on all of the components under your hood on the right side, the alternator, the power steering pump, the ac compressor, the timing cover, and with your ear on the handle listen for the noise.
If the noise is just generally from the right side...you could also have a hub bearing failing. Shifting the steering to the left or right should slightly alter the noise if this is the case.
On the oil leak...so many options...the turbo return line is suspect as everyone else told you. You can get a dye additive to add to your oil and then with a black light look for your leak.
Hope this helps, and congrats on what I'm sure will be a happy purchase decision. The 95 turbo is one of my faves.
Chris
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