No one has chimed in but figured I'll give an update should someone else have the same issue.
I took it to an indie shop. They performed a couple of tests and even smoke tested it. It all came back good. They determined it is most likely a "sleepy" front oxygen sensor. They noticed the fuel trims looked great at idle but at 2000 rpms, they went crazy. Ordered the part, hope that takes care of it.
In regard to the burning smell, they could not find anything that would cause it. I'm wondering if the car running lean would cause the exhaust to get extra hot producing that smell.
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