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Shift delay code coupled with 02 code , along with your complaint of doing it in the time frame as stated above would lead to the diagnostic conclusion possible of a leaking transmission shift delay cable element. That element is vac supply actuated and it only comes into play when certain criteria are met. The most important criteria are low temp. When the temp condition exist, the ECU sends a signal to the shift delay element in order to hold the trans in a lower gear for a short period in order to help heat the cat converter rapidly. This is an emmissions control system and that code would be a #26 on that chassis.
The offending 02 sensor code could be the sensors is reading this vac element leak as a lean fuel mixture b/c of the leak and it is trying to correct for that condition by enrichening the Air/Fuel mixture..but the leak can be large enough as to not be able to be compensated for, resulting in a very rich condition during this short , cold warm-up time frame. That is what you are smelling.
The test for such is to see if the element will hold vac when applied with a hand pump at the green vac line going from the Delay Shift valve behind the booster , going to the transmission.
That is the test which I would be interested in the results of before continuing on to anything else.
If this is suspect, you could also take the green line off the SOV and plug it with a BB, then put the line back on and see if the condition ceases. That would be verification of the diagnosis. That will bring the 26 code back , along with a CE notification, but you know that is just b/c you have temporarily disabled the Shift Delay system..[ for testing only]
If condition ceases w/delay diabled, you have again verified diagnosis.

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A Dalton