There some errors made by people in this post..
Idle Control Valves on a GT.. its either bolted to the cam cover (earlier versions, ie GT1) or on the inlet manifold itself, on top (later versions, ie GT3). If your GT is a GT2 then it could have either of the engines and thus either ICV.
Early GT1 Style:
Later GT3 Style:
To the person asking where its located on a 60, its part of the throttle body itself but can be changed - they rarely fail on the fire engines in my experience so thats on 55, 60 and 75s models
this diagram is of an SPI fire engine (55 and 60) - the ICV is item labelled 13
Hope that clears any confusion on ICV's..
Coming back to the OP for a second, you mention oil is coming out of your dump valve, this will not be related - there should be no oil in the intake tract, this points towards turbo seals failing usually. Few other things it could be but place to start is have the turbo checked. Pull some of the inlet pipes off, like the pipes from the intercooler, there should be no oil but if the turbo seals are gone/going you'll probably find small pools of oil in the lowest parts on the intake piping which from memory are in/out the intercooler.