steve_79,
I guess the trans is a Turbo 700 R4 4 speed auto in your car,if it is I had a 90mod SS Commodore that had the same smell and was slipping as well all through the range. The news was not good as the trans had to be rebuilt.These boxes suffer from heat and under hard driving or hot conditions need a good trans cooler for long life and reliability.I fitted the largest cooler I could get on the front of the radiator,which on a VN SS was a task and a half with A/C on the car,and got the trans rebuilt with stage 2 shift kit,H/D clutches and "corvette servos"(which yours will have already Commodores did not)and fitted a 1800 rpm stall coverter and never had a problem again.After that it was also the best shifting auto I have ever had,it would take off hard and kick sideways into 2nd and chirp into 3rd under heavy acceleration with good tyres but still be smooth at cruising speeds.They are not cheap to rebuild and are best done by someone who knows these trans as they can be tricky to get right.If you are in Sydney I may be able to recommend someone if they are still in the trade,been a while since I have used them.I was very happy with the work done on my car and the price.Hope this helps.
TPI-383