2g 420a smoking/tranny problem

[Project Draven]

I did a few searchs and found nothing, so I hope someone can help me here!
My wifes car, a 97 GS auto. She bought it and the car smoked very little. Its now burning oil. Car slowly got worse, so I did a compression check and it was alright. Shortly after that the car felt like it wanted to go but wouldnt. It slips when cold 2nd to 3rd shifts and the smoke has gotten even worse?
I would think valve seals, but is it common for the car to smoke so much if the tranny is bad and/or going bad?

Any help?

Thanx in advance!
Matt

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[Project Draven]

Think it could be something with a hole in the exhaust? that would be making my car bog down?
Any advice would be helpful!
Thanx!