Thank you for the response Robw530i. I have not noticed any leaks around the vanos though there does appear to be a leak around the base of the oil filter housing....the only visable leak I can identify other than a little minor seepage around the power steering reservoir. It also appears the car started using a little oil when it got cold... When I picked up the oil from the dealer the parts guy says that's normal. The times when I have smelled the burning oil is typically five or six miles into my morning commute on very cold mornings.
It is forcast to drop below zero here within the next day or two and I am hoping I don't end up with a catastrophic failure...like the one you experienced. I removed the oil filler cap while the car was running yesterday and I noticed some suction...which I believe is good. I also took the car out for a good drive (about 30 miles yesterday) and no longer notice mayo around the filler cap area. Worse case scenario I have access to a good indy and I my just need to bite the bullet and have someone else do the work.