If the smoke is indeed crank-case "blow-by", it will have that sick nauseating hot oil smell.
If the smoke is of an electrical origin, it will have the un-mistakable smell of hot wiring and melting/burning insulation.
Ford column wiring is just a fire waiting to happen.
During the first few years of the truck's life, my turn-signal switch smoked heavily two or three different times, each time being replaced with another new unit.
Each of these occasions occured while simply cruising down the highway, with no signal activity whatsoever.
The last time it smoked, many many years ago, I dis-carded the entire signal mess from the column and installed an externally-mounted Signal-Stat non-cancelling turn-signal switch, just like found on all the GOOD big trucks.
Recently, I have completely accomplished doing away with EVERY electrical function that was originally contained within the column.
Now, the only purpose my column serves is to house the steering-shaft.
I have several older trucks around here that never had anything electrical in the column.