Try changing the felt drip pad at the bottom of the FW's metal casing. It's there to absorb oil droplets. Supposedly the old oil on the felt pad can eventually become rancid. I don't know if that's true, but it'd cost so little to put in a new pad; you can order one for $5.95 from April1930s.com. Or just remove the metal plate from the bottom of your FW and use the existing felt pad for a template to cut a new drip pad.
The smelly glue has been said to come from the old horse glue used to construct the FW cases. Again, that's just what I've read; don't know from personal experience.
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