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Back to the question at hand -- I would really doubt that power steering overheat and susequent failure/leakage is likely in a street car being tracked for the first time. Much more likely that you have an old spill of some sort is sitting in atop the the engine and is burning now because the car is much hotter than usual and the cornering forces are moving it around. The reason you smell it mostly from the right side is because that is the side the engine bay vents through - the other side is the air intake.
First thing to do is remove the engine cover, raise the car and start looking for anything odd with a flashlight and an extendable mirror. Wouldn't surprise me if a rodent has taken up resident or that you have puddles of oil and or steering fluid in one of the many crevasses. If it is not leaking out the bottom then it is unlikely to be a serious issue but you do need to figure out what's going on for fear of a fire. Good luck.
Blowing some high pressure air into the places you can't see will not do any harm and may dislodge something unexpected.
Laurie
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