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Welcome to FTE and the Big Bronco Forum. We will do our best to get you the most accurate info we can.
In short, no. White smoke out the tailpipe indicates water/coolant entering the combustion chambers. This happens most frequently when either a head gasket fails or a head cracks. Neither is an inexpensive thing to fix. Hope for the head gasket to be the issue that way you may be able to re-use the block and heads.
A failed transmission regulator would show up as the transmission not shifting properly or not at all.
That'd be one seriously @#$%'d regulator but I can see how it might happen. Smoke should be more blue than white burning ATF or oil but if there isn't much, it could be hard to tell.
Depends upon which transmission you have. Is it a three-speed automatic or four-speed automatic? The four-speed (AOD) has a fourth gear overdrive and no modulator. It uses a cable system to control shift points. The three-speed (C6) has a vacuum actuated shift modulator.
This is a 4 speed automatic, so no modular. Maybe you can help me some more. My bronco is smoking like a train ( white smoke) there is no antifreeze in oil and dose not overheat, the smoke smeels like burnt oil.
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