This sounds exactly like me right now.
My 03 bugeye with a vf34 is losing coolant fast this past week. I've narrowed it down to turbo and HG. I also checked my turbo and found that it seems to spin freely and have no play but did slightly catch at one spot, and spun very slowly you could almost hear it just as you described. Oil is clean and I only smell burning coolent. I plan on taking it to blouch one day this week and seeing if they can help.