Burning tranny fluid (if the dino type) smells like smoldering candle wicks to me.
No oil on the outside of the plugs or no oil on the electrodes? The oil from a leaking valve cover gasket tends to run down the side of the head to the exhaust rather than down into the spark plug pockets.
1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!