The squeal was probably from the horizontal (around 15.75 KHz). That smoke came from something - hopefully just a resistor. The HOT might have been getting too much drive and smoked one. Is your set fused ? If so, did the fuse blow ?
Generally, you could swap a wire from one end of a pot to the other, unused end. Of course, the control would work backwards then.
Could you scan or take a picture of that area of the schematic and post it ?
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