Does the engine whine idling in neutral? If not, is the drive chain slack set correctly? The smell could just be the engine paint. The hot running and lack of power could well be incorrect fuel mixture due to a blocked jet or air leak. Are the carbs balanced too?
Actually, when I first got my bike on the road it didn't want to go over 50mph and this was down to worn carb needles.
Good luck. Keep us updated.