Oil burning smell is oil on the exhaust manifold, almost always because the valve cover gasket is bad. Replace it, it's easy. Do a search for instructions (or ask, I'll retype them again). Get a new gasket or a new oil filler cap, too -- the gasket shrinks, and oil dribbles out. This can get a as high as a quart in 500 miles and still not leave drips in the drive -- it only leaks at speed.
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!