Transmission Leak
I had the same problem with my 61 Tbird in August of 2009 while up in Reno at Hot August Nights. We had been crusing for a couple hours and were in traffic the car started smoking and smelled like trans fluid. I pulled of the road and looked under the car and trans fluid was running out right at the inspection plate. I let the car cool down then drove to Auto Zone and put trans fluide in. Drove the car back to the camp ground about 20 miles with no problem as this was Sat night and we were leaving in the morning just loaded the car and headed home. Took the car to my friend trans shop and explained the problem. The trans was pulled and resealed and an external cooler was installed between the radiator and the A/C condensor out of sight as this is an orginal car. Went to Reno the next year cruised and spent time in traffic with no problems. This was a good fix might help your problem.
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