I'm sorry to say, that smell is usually a bad sign, but there is always a chance you got lucky. You can do some tests to see if it is the OT or the tubes. I'd test the OT and if it checks out, I'd assume it is one or both tubes that went bad.
To check the OT there are several things you can do. Pull the output tubes and leave the power off. Discharge the caps.
1) Simple Ohm's test: lift (desolder) the CT from the power supply. Check the Ohms reading on the primary from each outer leg (plate connection) to the CT. They should be approximately the same. If they are equal or very close to equal, that's a good sign. A slight variance between sides is normal. Add the numbers together and then for good measure check the Ohms across the two outer legs and you should get the sum of the halves (or darn close). If any read open or infinite, you probably have the answer you don't want, but we all have to face facts.
2) Check the secondary winding, too. It will be a very low number of Ohms. Just make sure it isn't open or infinite.
3) If the primary passes on #1, you can test for turns ratio. Pull all tubes Use the filament supply from your PT to apply 5VAC or 6.3VAC to the OT secondary and see what the AC voltage appears on the primary. You can use jumper from the filament supply on the tube sockets to power the OT secondary. If the voltage checks out OK, your OT is probably OK.
I'm not sure what the OT ratios are for this piece of iron, but roughly, lets assume it is a 4K primary and 4-8-16 ohm secondaries. The turns ratio is the square root of the impedance ratio. So sqrt(8000/4) = 44.7:1; 8 ohm tap will be 31.6:1 and 16 ohm tap will be 22.4:1. Assuming 5VAC input, expect output of 224VAC, 158VAC, or 112VAC for 16, 8, and 4, respectively. If you don't know the primary impedance, these are OK ballpark numbers. If you know the primary impedance, adjust the expected results accordingly.
4) If it passes the turns ratio test, you really need to look for internal shorts with this thing:
http://www.premierguitar.com/articles/p ... r-tester-1
Edit: I'm slow...I see Martin get there first with #4.
Good luck with this.