Thanks for the all the input.
This was really serious.
The ?crayon smell? was from caulking that was in the hole where the 200 amp SEU cable entered the house.
One of the meter pan lugs had loosened and the one side of the meter pan was getting VERY HOT.
I am very glad that I returned to the house Sunday evening and tracked this down (as Iwire suggested , THANKS BOB).
I let all the yammering from the homeowner about the breakers or the panel smelling direct my troubleshooting. Normally, I would have popped open the meter pan as the first or second action when tracking a power problem in a house. (Getting on the ladder and checking the lugs up top is later.)
Anyway, I was able to clean up and tighten the faulty lug, but it jus wasn?t right. I could still hear some slight arcing under load when it was all buttoned up. If I seated the meter without the crappy cover, there was no arcing. I did not have a 200 amp OH meter pan on the van or at the shop. (100s, but no 200s). The family got a hotel room for the night and we replaced the meter pan and the conductors into the panel on Monday AM.
We also replaced the hot water feed and the elect oven/cook top feed. Both feeds were undersized. Apparently, the person who sold this house to present owners upgraded the water heater and oven/cooktop but did not upgrade the feeds.
The moral of this story is electricity shouldn?t be stinking!!
BTW, when we did the panel (Jan 09) the HO did NOT want us to change the meter pan. I checked it out, then, it looked OK at the time.