smokes lightly at idle, but not at full throttle, gearing down, cruising or anything, thinking it could be the trans modulator but cannot find fluid in the line to support this, uses tranny fluid and oil at same rate, very slow. guesses?

 

sounds like valve guides for the oil cunsumtion
any possible leaks on the tranny

 

what color is the smoke? blue, white, black ....

tranny pan or tv cable might be leaking, could be a front or rear seal in the tranny,

could be valve cover gaskets or valve guides or rings wearing out or not seated yet in the engine...