can anyone help answer some questions or give advice about problems with starting...something under the hood smoked really bad after holding the ignition over for more that 6 seconds...it did not smell really bad but I couldnt determine where it was coming from. Before this the only problem was not getting ignition spark bc of a bad battery. Now I think im getting no spark but i dont know why...I just bought it....any help

 

There are several fusible links in the 95 LT1 electrical system. Its possible you burned up one of those. Shoebox has the complete info on the 95 LT1 engines, including the wiring diagrams. You might want to start tracing down the electrical system using those diagrams, looking for a burned out fusible link, or even some other burned out wire or component.

Shoebox's Tech Pages:

http://shbox.com/1/4th_gen_tech1.html

1995 wiring diagrams:

http://shbox.com/1/4th_gen_tech2.html#1995_pcm_wiring