97 Bonnevllle ~ when cranked pink smoke from gear shift and screech~ strong electrical/transmission ol smell

Could be a combination of two problems: Bad front tranny seal (for sure) plus a starter not engaging the flywheel correctly (possibly a weak solenoid). If the engine is actually turning over and starting, then the pink smoke is just the tranny oil cooking off the starter heat. Check your starter first, and spray everything in the area down with degreaser, wash it, let it dry, and see if the engine turns over okay with no smoke. If you're still getting the screeching noise, pull the starter and have someone rotate the engine with a breaker bar while you check the flywheel to make sure there's no cracks. A warped or cracked flywheel can cause the screeching noise and will waste the front tranny seal in no time.