94 Ranger A4LD Transmission Smoking

I have a 1994 Ford Ranger XLT 6cyl 4.0l 4WD with an A4LD auto transmission that has trouble shifting from 1st to 2nd gear when it is cold. Once it warms up it seems to shift ok. No smoking issues. After reading this thread I decided to buy an aftermarket adjustable modulator and replace the old one. I took out the exhaust and replaced the old modulator and put the new one in and it immediately starting blowing out volumes, I mean volumes of white smoke that smelt like oil. I reread a thread on modulator replacement and then remembered I did not see the modulator pin during the replacement. I pulled the replacement modulator out and saw there was no pin in it. I felt around the area and to my surprise I found the pin laying on the transmission. I put the pin back in with the replacement modulator and it was still pouring out white smoke....Thinking the replacement modulator was bad I went into Amazon and ordered the OEM Motorcraft modulator for $50. When it arrived I got back under the truck and removed the hose from the aftermarket modulator and noticed about a couple of ounces of oil drain out of the line. I then replaced the aftermarket modulator with the new oem modulator carefully making sure the pin was installed with it. BTW, when installing the new modulator I pushed hard on it a few times before tightening it up and felt a definite click, I hope that was something that was meant to click and not me destroying the new modulator....,I then started the engine and it is blowing a lot of white smoke again. I have started it multiple times and run it for about 10 minutes each time at which time I have to turn the car off as the smoke is so bad I worry about my neighbors. I did notice when backing it onto the street that The transmission was slipping a lot. I checked the fluid level which was low and put 600 mls in it before it got to normal fluid range (I did this while the engine was running). I still can't get reverse as it slips and it's still billowing smoke. Transmission is not slipping in drive. Need help please, it's my sons first car, we have done lots of work to the truck, it's a really nice truck and would be perfect if we could just get this transmission working. On a side note, we purchased the truck from the neighbor who let it sit in the driveway for five years without running, he's the original owner and it only has 100 000 miles on it. I hope this means the transmission should be ok. Thanks for any help from the forum.


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