After an awesome find on Facebook marketplace I came home with a Pentium 2 and Pentium Pro machine. Both had their issues. This one had a bad bios battery and a dead VRM board, something that wasn’t apparent right away. The machine actually booted up at first until it released the white smoke.
VRM board dead
Turns out one of the capacitors on the VRM board decided to explode and take the PCB with it. I suspect that the cap leaked and shorted both layers and burnt a hole through it. Once I cleaned it out and found new copper to put the new caps.