You just released all the refrigerant from the system and alot of refrigerant oil. This will eventually burn off and stop smoking. But your AC won’t work anymore.
Did you know they make a tool that allows the replacement of the Schrader valve without losing refrigerant/oil? http://www.jcwhitney.com/valve-core-replacement-tool-kit/p2004203.jcwx?TID=100DF&redir=k115821
Tester