GREAT NEWS....and bad news...

After re-reading the original post, you say the smoke coming from under the hood, and the red wire. I think maybe when you say "firewall fuse" you're referring to the bulkhead connector where all the wires pass into the interior. If so, then this is common if you are drawing more amps through the ammeter. There are many here that can provide the link to run the (heavier) main wire through a different location on the firewall.