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Woah!
Sounds like terminal frame problems to me- almost certainly rust of passenger side rear suspension area- that is a pretty big repair effort.
"B" light is brakes- I bet master cyl is bad
"pie wedge" light is parking brake. Uh, it should go off when brake lever left side of drivers seat is lowered.
"G" is generator. It does not flash, but if it is on then output is inadequate.
Smoke is from oil leaking onto heat exchangers. Seems like more than most though. Mine has smoked once when I didn't get the valve cover on right. Typically, a slight aroma of burnt oil after the car gets warm, but then it goes away. It should only come into the car if the heat is on.
I think I would look carefully at this one. It seems to have more than enough problem areas.
I think you should be wary
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