Sounds like a possible dose of mechanical hypochondria !
Your engine oil pressure will rise as revs rise until it reaches the blow off point of the pressure relief valve. As the engine is run and the oil warms the blow off point will increase rev wise and the pressure below that will drop a bit. I am not familiar with the Duratec in detail but if oil pressure is above 20psi at idle hot and 50 psi or so at high revs, no worry. The pressure is only there to circulate the oil and cool bearings. The components ride on a ramp of oil created by rotation.
As for the smell - what smell. Steel smells when hot. So do plastics and rubber. Or a kipper tied to the exhaust as some bastard did at my wedding.
