Can anybody tell me where the modulator valve is located on a 92 323? It smokes alot on initial start up so I thought I would check to make sure its not wrecked. After a couple minutes it clears up completely. I have a feeling the guides and seals are shot though.

 

It does not have one.

 

If it is oil smoke that you are seeing, rather than gasoline or coolant smoke, then it sounds like a classic case of top-end leakage via your valve guides.

Black smoke is usually from excess, unburned fuel.

White smoke is usually from coolant entering the combustion chamber.

Blueish smoke is usually from oil in the combustion chamber.

Smell can tell you a lot about your smoke as well. If it is oil, then you should see some oil consumption when you check your dipstick.