Peeked under the bonnet to attempt to understand the whole intercooler thing. Given the lack of noticeable turbo boost in the car's performance I'm liking the suggestion there's a leak in that system somewhere. What was immediately obvious is the oil that's coating the hose in the attached pic. Is this normal? I doubt it.....
Remember you are dealing with someone who (after building a 1964 GT Cortina from scratch in his 20's) has just wanted to drive his car for the last 20 years. Hence I've avoided having to learn exactly what's what under the bonnet!
EDIT; Just noticed the housing under the back end of that tube is coated in oil. The hose also seems pretty flimsy and doesn't hold its shape at all. The hose on the other side of the intercooler is also coated. Seems it'll be worth replacing those two hoses first up to see if that solves the problem. Any other hoses to include with them?