Had quite a smell too, although at first I just assumed it was the exhaust since it had been sitting so long. Well it wasnt!
That wire that is missing was complete eaten away from corrision. Thats the orange wire.



Hope this might save someone some agrivation. The orange wire is fed from the front underhood fuse panel with a 30 amp fuse. Thats where the feed for keeping the lights came from. But if I hadnt found the cause I wonder what would have happened if it melted more!
Scott