totally unrelated issues. power steering will not ever make the engine "smoke". Is the exhaust smoke black in color? Or white? Or grey? If it is black, it is running waaay too rich, which means something is a miss with the fuel delivery. Aaand by the way...just acquired this car? Something very very improtant to check into immedialty if not sooner is the timing chain. Especially if there's no service records or even if there is, check the timing chain for stretch, and for broken guide rails. If there are records showing tiiming chain service, if its been over 120k mile since, do it again!! This can not be over stressed!!! 380's typically had single row timing chains unless upgraded with double row so if yours is still a single row, preventive maintance is imperative!! It really isn't hard to do and really doesn't take all that long either, because you can replace it without removing all the stuff of the front of the engine.