Fluids Disappearing???

I don't know but every mustang i have owned always eats oil and don't seem to smoke.. I think the fact that it sucks it back into the intake and that the rear mains and pan always seem to leak a bit is the oil consumtion.

Just make sure that the oil isn't milky or anything and that when you change your oil and the engine is cold that the first thing that comes out of the oil plug isn't anitfreeze, that would indicate a possible blown gasket.

The oil disappearing isn't something I would worry about too much.

The coolant problem may be your radiator. Park the car with a piece of cardboard under the radiator and let the car run for a while to see if any leaks out. Most likely it will be the passenger side of the radiator leaking. My car ate coolant for a long time before the radiator leaked enough for me to find out where it was going.

Smoke-
As I type this, my 94gt is in the garage with an identical coolant problem. Coolant drops below mark on over flow and light comes on. Not dropping it on the ground or into the oil. I noticed mine pooling up on the front of the engine/above the water pump. Didn't appear to be a hose close by leaking so I'm not sure if it's coming from intake manifold and it's needs to be tightened down somewhat. I'll re-post when I get it back tonight or tomorrow with something more specific!

Oil- Hmmm. My 94GT when purchased with 64,000 was using 1 qt every 400 miles??? Never did find out what it was so I pulled it and dropped a crate in! 1/2 to 1 qt every 2000-3000 with 80,000 on it doesn't seem like much but if your like me, it probably drives you crazy. Perhaps valve seals. Check pcv and screen below it. Just a couple of quik checks for you if you haven't done so already! Good Luck!
KG

My car was doing the same thing as far as the coolant goes. It would leak down about every 2 weeks or so. Come to find out, I had a small crack in my water pump. And it would only open up when the motor was good and warm and the metal expanded.. took me about three months to find that one. Might be something to check on.

Yep, water pump is another possibility. Mine is still in the shop for the night. My bud hasn't found it yet! I'll keep you posted smoke!

KG

Smoke- Had the intake re-torqued. Slight leak from the intake gasket towards the back of the motor, running along side the cylinder head. Cheap crap paper gasket I guess? Good Luck bro!
KG