Engine Failure Imminent?

[cornontherob]

Hi all, earlier this week I noticed oil consumption and the burnt oil smell in my engine. Since then I got a coolant light this morning that indicates too little coolant. I read up on this and convinced myself I'm about to suffer some serious intermix and need a new engine. However, my coolant gauge did not come on when I cold started the car about 8 hours after I shut it off when the low coolant was flashing.

I checked the coolant when it was cold, it looks normal for the most part, albeit a little bit orangeish milky, but just from normal coolant aging. I stuck a clean screwdriver in the reservoir and there's no chunks or anything, but it seems just a little cloudy. I just changed the oil as well, and when I pulled the dipstick out, oil looks normal on it, no contamination that I can see, but it smells acidic. Should I suspect the worst? Or am I just being paranoid?