Neckbreaker

I've read a lot of previous posts in regards to this problem. And it seems like i am pointed in the right direction. I just wanted to add another symptom just in case there is something beyond an ignition issue.

the following are the symptoms:

1) Low/sputtering idle engine, below 500rpm
2) Exceeding loud exhaust (sounds as if i had a straight pipe or missing a muffler)
3) Sluggish excelleration (spelling there...cant figure it out), need to bring rpm to 3k to get started.
4) misfire/sputtering at cruising RPM (aprox 4k rpm@ 40mph) - Had to get home!!
5) after about 3 miles of driving home, engine compartment began to smoke and rollover into "cockpit" via vents and e-brake slot.

Initial symptoms sound like the ol ignition problems. i got a new set of plugs and cables, no coils though. But will take them out for inspection. Just curious if driving my car in this condition would/could cause "rubber burning" type smoke... Thanks in advance for ya'lls inputs.