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I had the same problem with my Cobra. It seemed that vacuum assist was actually sucking the brake pedal down. I swapped out the relief valve which didn't solve the problem. I also jacked the car up and found that I couldn't spin the wheels. I discovered, by mistake, that if I manually pulled up on the pedal with my foot, the brakes would release. I tried a stronger pedal return spring and it seemed to help, but the setup was Mickey Mouse.

I hope it makes you feel better to learn that I toasted my clutch trying to get the car rolling, not knowing that it was a brake problem all along. After having the clutch rebuilt and the flywheel refaced, I managed to blow a hydraulic hose to the throwout bearing. I've been towed home twice!

Anyway, I removed all the "old" $hit and replaced the pedals and cylinders with Wilwood racing components. I had to sacrifice my power brakes, but 11 inch rotors all the way around does the job quite sufficiently. Wilwood makes quality racing "stuff" and modification for installation was minimal.

Good Luck!

P.S.: that smell may also be your clutch, be careful!!!