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If the right flasher is working and the left flasher is not, that should be a burned out light bulb, either front or rear. (outside) If you will wait until it is dark, it is easier to diagnose. After dark, turn on the right turn signal, then look carefully at the brightness of the front and the brightness of the rear turn signal. Now, turn on the left, and again observe the brightness of each. One of the bulbs should be out, or not as bright as the other side. That is the bulb you will need to replace.
I hate to say it but GM "W" bodies of that time period ( Regal, Cutlass Supreme, Lumina, and Grand Prix) are notorious for turn signal problems. I'm a machanic and also have owned 3 W body vehicles. The pivot bushing in the switch wears prematurely and in turn causes the copper contacts to barely touch each other. If the contacts are dirty, there is resistance. Where there is resistance, there is heat, hence the smoke. It's just a poor design. What I do instead of replacing the switch requires some time and some surgical skill but it always works for me. At the pivot end of the switch, I remove the screw and remove the metal tube insert. I wrap the metal with electrical tape to take up the slack from the wear then grease the heck out of it. At the contact end I attach a piece of sheet metal to the bottom of the movable part of the switch so it sits underneath the non-moveable part making it so the moveable part can't lift up and lose contact. That's just a vague description but if you want a detailed one let me know and I'll write one. I did it to my '89 Regal 4 yrs. ago and to my wife's Grand Prix 1 yr. ago and they both still work great. Just a design flaw in the switch. Sometimes you have to pick up wher the car companies left off! beest921