A friend of mine is a victim of the blue oval as well

, and his engine (early 80's Windsor) has all the accessories running off one drive belt. This meant that when the A/C compressor seized, he also lost the power assist on brakes and steering. I'm fairly sure his water pump is on the same belt, which may explain the engine temp going up. Is the burning smell a glazed (or melting) belt? Do all the pulleys still go around?