Stallison,

An oil burning smell? Like engine oil dripped on a hot exhaust manifold?

Or a hot brake smell that is also smells of phenolic like hot circuit board?

Yes,as james_a_sousa indicates, check clutch cable adjust. However factory free play at where the cable secures to the throw out arm is maybe 2-5mm or 1/8" free play.

I employ more free play and also secure the the rubber block tso it does not wobble in the under-Volvo turbulence.

As the clutch material wears, cable slack is used up. It can get to the point where there is enough tension to prevent full clamping force of the clutch. Slippage starts small and readily increases to a full slip while engaged and will cause a hot burning smell.

Yet worrisome heat that travels up to the clutch up to the shift lever suggest a hot gear box.

If M47 oil level is low, and the oil is old of wrong fluid, you'll get a whine in 5th first and then in all gears except fourth.

You may also have exhaust that lost a heat shield.

Use quality Volvo lubricant. Several recent threads detail different gear box lube brand like Redline, Amsoil, and the Volvo fluid.

Hope it is nothing serious.

The 700/900 FAQ has articles on M46 / M47.

Hope that helps.
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Beh.