Smoke problem

hey, i got a 93 mustang convertible. i use it as a daily driver since its a 4cyl. but lately its been giving off some white smoke. like, if i go on the expressway at 70 and then about 5 min later, itll let out a giant puff of white smoke and make loud clicking noises. sometimes itll let out little puffs when im driving normal in the street. about a day or two later, my tranny starts slipping. turns out im mising fluid. i found out it was my tranny pan leaking. are these 2 things linked or is it 2 seperate problems? thanks in advance. -mike
 
2 different issues. Your white smoke could be a few things. It could simply be condensation blowing into cold air, but since you are getting large amounts of it, I would say this is highly unlikely. I would suspect a leaking gasket. The only 2 it could be would be the intake gasket or head gasket. Both are easy to do on the 2.3L engine. If you put a new headgasket on, I recommend using new head bolts. The old ones are reuseable, but are known to crack off (had one do it to me actually) when retorqued. If the head is off, replace the oil pressure sensor and timing belt as they will be easier to do while you have everything apart. Don't delay in fixing this problem or you risk destroying the engine by allowing coolant to mix with the oil. If this car is equipped with an automatic transmission, I HIGHLY suggest the addition of a stacked-plate type transmission cooler. The A4LD is well known for burning up and overheating issues. $75 and you can install it yourself and it is great insurance against a burnup.