No CEL(check engine light) means no computer, so no fuel, spark is run by the EDIS module so would still work.
When you turn on the key the ignition switch(under steering column above brake pedal) sends 12volts to the EEC relay in the engine fuse box.
EEC Relay closes and sends 12volts to the EEC(computer) and EDIS module.
Since spark is working I would think EEC Relay is "clicking" closed
Since CEL is not then either computers power wire is bad or computer is.
In 1994 the computer should be on drivers side of engine bay next to firewall between inner fender and cab.
Drawing of location here: http://www.justanswer.com/uploads/mu...5_204601_1.png
Computer is called PCM(powertrain control module) by Ford, and is labeled as such in drawing, upper right
Smoke means something fried, simple as that, not sure you would get smoke in the cab from PCM but might happen.
Unhook battery, FOR SURE, when checking any wiring, locate PCM and pull it out, remove 60 wire connector and then open the top to see circuit board.
Good look at what you should see here: Ford EEC-IV
Also shows what wires to test for 12volts with key on