Runs good with smoke.

I have a 1999 Mitsubishi Gallant v6 I am financing for my family. I'm hoping I can fix it for cheap and didn't get a bad deal. I'm trying to figure out if it has a vacuum module on the transmission and if that's the cause of smoke. The oil and transmission fluids all look and smell fine as well as the coolant. The engine runs pretty smooth and consistent, but does seem to have a late shift in first gear mostly depending on how much gas I give it. When I look online I found similar parts, but I'm not sure if they could have the same effect of drawing transmission fluid to the engine and burning. I have seen the transmission control module.... So my main question is.. Do I have a vacuum module on the transmission?