Heads up: Marco posted about long term longevity of the stock 48RE with moderate torque management and after 2000 miles, the torque converter started to shudder. He then went to mild torque management and it was fine.
As for the smoke issue, your sig doesn't say what type of air intake or filter you have, but if its stock, you will get tons of smoke. You need to get an aFe Stage 2 (or similar) or PSM cool air kit with aFe PG-7 to reduce the smoke.
I went from stock to Amsoil nano and still had smoke. Then went to PG-7 and the truck ran much smoother and smoke was reduced (but still there under hard accel)
I couldn't tell a difference between stock TM and mild TM, so I'm running stock TM on LEVEL 1 to see if I get any mpg improvements. Based on Marco's test, I was afraid to even try moderate TM for any length of time with my stock transmission.
Hope this helps,
Louis