Here’s a good way to do it …
Render a particle system with “gobs and gobs of billowing smoke,” in complete isolation. (Basically it is just an alpha-texture or single gray scale.) The smoke should be coming from a point-source at the bottom of the frame.
Now … composite it. Lay several copies of the smoke on top of itself, offset slightly in time, and with different alpha and color settings; maybe slightly different speeds. Position the image in the Y-axis as needed to establish where the smoke seems to be originating from.
To cause the smoke to “emerge from the smokestack,” simply create a mask and attach it to the top of the stack, masking off all but the opening of the stack. Above the stack, put a gradient leading out in both directions that tapers off to opacity. Composite through this mask. If necessary, arrange the mask as a “billboard” that always faces the camera.
Presto … instantly tailorable smoke, which you can also use in other settings.
You’re probably going to need a lot of smoke, especially if you’re doing stuff that’s supposed to be coal- or wood-fired (as I do). Therefore you need a cheap and reliable way to generate convincing smoke in a hurry. This will work. (Exactly the same footage and method can also produce steam.)