Okay, well. Today there is absolutely no emulsified oil. None. I also took the car to my local garage and the damn thing wouldn't make the smell I was talking about.
The coolant level has dropped back to exactly where it used to be, and the coolant although quite murky and brown doesn't seem to be contaminated with oil or anything.
It's booked in for its ARB drop links on friday, so they said they'll have a look and see what they can do about the burning smell.