Smoke coming from transformer means........anyone?

Probably the tranny gave, and depending on what it is, probably not worth fixing, unless it is of collector value or such. Since you did not tell us what it is, can't help you there. You might want to keep the tubes depending on what they are. Good luck

They put smoke in at the factory, you are not supposed to let it out!

Cut the output of the tranformer and plug it back in,if it still smokes you found the problem. I found an old philco radio (vintage 1937)in a customers basement. I bought it for $50 and took it home. Everything worked!
Tim Flemke