Wow, thank you for all your questions. I'm a novice, so will do my best to answer questions.
'74 C4 stock 302 4B carb
1. The valve covers were changed in June by the PO before my eyes. No leak around them. The only leak it has is a very small leak from the oil pan. Oil levels are maintaining and haven't had to add oil over the past couple of months of ownership. I have taken a goose neck camera and looked all around and no other leaks are found. I don't see a tranny leak.
2. Paul, I've taken a look at the bay with the engine on several times right after the smell occurs. Can't trace it any where. There are probably some hoses or wires that are touching hot surfaces, but again, I don't see any signs of burn or melting any where. The smell dissappears literally seconds later once I've slowed down the drive, and have looked at the engine bay right after the burning smell comes, and can't smell anything.
3. Rustytruck, the tranny fluid level on the dipstick seems to be higher than where it should be. I will send pictures of the engine bay, exhaust manifolds, air filter, etc. tonight.
4. Will take some pix of the engine bay tonight.