1994 Ford Explorer oil smells like gas and white smoke from

I have an over full oil gauge. It was over full when I bought the vehicle but I thought someone just put to much oil in. So I had it changed. Now my oil level is half way up the dip stick and it smells like gasoline. Also when I start the vehicle it takes a couple turns usually to get it started and white/blueish smoke comes out the tail pipe. Then I noticed when I hit the gas driving at time there is a clicking sound and when I hear that sound a cloud of smoke comes out the tail pipe just like when I start the vehicle. What does this mean and can
I fix the problem? One other thing. My transmission fluid leaks to the extent that I must put in two quarts of transmission fluid in every week or so. We thought it was the gasket so replaced that and changed the transmission fluid but it is now still leaking. I heard something about it being a seal? Is that expensive to fix and how serious is the problem? Please help me out. Thanks for your time.

Sincerely,
Daisy