Hmm...124K miles. Is the smell inside the cabin or outside? Are you losing coolant? Do you see any coolant on ground after car's been sitting for a while? I'd start with getting car up on jackstands or a lift and thoroughly inspect radiator, hoses, water pump, thermostat and the serpentine belt. The water pump has a built-in weep hole; if you see leakage from there then that's probably your culprit. The YouTube video below shows how to replace the water pump on a 4.6L Mustang, which is same engine on your Trac. If you can't find leak source the next step would be a pressure test of cooling system.