Follow the manufacturer's recommendation for wax and or rail lube.
The burning smell is from the aluminum nocks you are using. The friction of the aluminum nock against the aluminum rail turns the aluminum nock and rail into aluminum oxide. Sometimes it's a sign that your nocks are bigger than your shaft diameter, sometimes it's a sign that your tiller is off a bit or a lot. I use plastic nocks with my Excalibur bows and don't smell it until I use an arrow with an aluminum nock.