new torque converter or new trany?

[n_bannerman]

i recently bought an 88' ranger xlt 4x4 2.9l with an A4LD trany in it. the last couple of days while i have been driving it, the floor would get very hot on the top of the trany hump under the dash, and the check engine light would come up, so i would stop and pop the hood and get a face full of smoke from the back side of the engine and right at the front of the trany. Would this be a sign saying that i need a new trany(would love to swap in a 5spd) or is the torque converter shot? i am on a HUGE budget and need to be able to drive across washington state from the north west corner to the south east corner in about a month when i move. Thanks in advance for the help.

 

[99MazdaB4000]

If you have the budget, get it either rebuilt or get a new one. First off, I hate to ask this, but does it have enough fluid? Does it have shifting or slippage problems?