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You either have excess fluid coming out the vent out the top of the transmission or one of your transmission cooling lines is leaking.
The vent is easy, drain some fluid and follow the instructions in your owners manual when you check the fluid level. You start out very low on the dipstick when the tranny is just warmed up. It does not show full until you get things really warmed up.
The leak on the transmission line, one is easy to change and that is the back one. I will let you know how hard the other is to fix tomorrow hopefully. My 86 is also a smoker from the front cooling line leaking and it is full blow PITA to reach.
Regards,
Paul
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