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240 oil leak.... 200

Hi all,
My 1992 240 has been leaking oil from what looks like the area around the bellhousing (automatic). It seems to be engine oil not transmission fluid. The car has 104K miles and I like it very much but after driving for about 10 minutes or so you can smell oil burning and see smoke coming from under the body which bothers me. Oil is covering the exhaust and everything else under the car. When checked it appears it's not going down the dipstick by any great amounts but it's certainly not right. Will cleaning the flame trap(?) help my situation or am I looking at a rear main seal replacement that I can't afford? Maybe there's something else someone knows about that I haven't thought of. Also the car has a loose sound coming from the front end when going over rough pavement and it feels like it's under my left foot. The steering wheel feels fine however. Thanks for any assistance you may offer.






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