If you think it is cooling related, you might check the coolant level at the radiator.
However, your statement "The bike was running a bit odd on the first trip-primarily a lack of engine braking." leads me to think ot could be something else.
The smell could be coming from an over heated, burned, clutch or you have a seal leak and have some oil on the clutch that is causing it to slip, heat up and then burn off.
I'd guess your used to riding things with a wet clutch. One bathed in oil that doesn't mind being slipped a lot. The K's all have dry clutches (like a car) and don't take well to slipping.