Smoke is likely just a valve cover oil leak dripping oil on the exhaust manifold. It's unlikely related to the ASR/ABS light issue. Easy thing to do is inspect and clean the ABS speed sensors at each wheel. Best thing to do is start with getting codes read, if there are any. Many people seem to report that their mechanics tell them they need new ABS wiring harnesses. I don't know exactly how extensive a wiring harness this is as no one ever seems to report replacing it. You car is certainly within the years of the degrading wiring harnesses.
good luck,
Brett
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1997 S600 sedan
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