1988 Chevy Truck Problem with transmission

My 1988 Chevy pickup, 5 speed, is not wanting to go into any gear. It grinds when I try to put it into gear. It is acting like it is currently in gear when it isn't. A little bit of smoke appeared when I would shift, so I removed the boot to get to the housing and the bolts were loose. So I tightened them back down again and now it is grinding. So what I am wanting to know is if the transmission needs to be repaired or if the master and slave cylinders need to be replaced. I greatly appreciate your time.