If the smell came with the high revs and doesn't happen now... I'm pretty certain it would have been the clutch.
high revs won't hurt that engine... But using the clutch while high-reving will cause great friction...which in turn will emit the burning smell.
If you have already burnt one clutch out it would NOT surprise me to hear you are working on the second clutch.. One is either taught how to use a clutch properly or improperly!!! If a clutch is improperly used it is going away pretty quick.. If it is properly used it will last the life of the rest of the engine parts.

Maybe you should stick them cute little #6's under the front of the kitchen stove and leave the offroading to others... <img src="/forums/images/graemlins/smile.gif" alt="" />
Big Jim <img src="/forums/images/graemlins/pfft.gif" alt="" />