Well, I may be barking up the wrong tree, but it may and probably is the agitator drive shaft ceased up in the top bushing. The burning smell may be your belt slipping. If the motor is turning, the belt is probably worn out or worn in one place. The agitator driveshaft can be removed, but it is a pretty big job. Make sure you have a day to work on it. You will have to remove the shaft from the bushing in the drive train and sand it lightly to remove the rust. Grease it and put it back in, making sure it is turning smoothly with your fingers. "Important": WHEN YOU REMOVE THE BIG ALUMINUM NUT HOLDING DOWN THE SPIN TUB, IT HAS A REVERSE THREAD. THE SAME GOES FOR THE BRASS CONE NUT HOLDING DOWN THE WATER BASIN TUB. You will need a short blunt punch and a hammer to take these nuts off, or the proper wrench. I'm not familiar with your model, but most Maytags are the same. You will also have to remove the transmission cover. Make sure you catch all the grease for reuse, unless there is water in it. It will be grey if there is water in it. In which case you will have to get new grease. Inside the transmission, there is a lock clipped onto the agitator drive shaft; remove it. The drive shaft can be pulled up through the bushing now. You will probably have to rig up a puller of some kind to do this. If you screw on the cone washer, put a large washer over it to push on, and cut a slot out of a couple of nine-sixteenths flat washers and slide them into the slot in the shaft, you can turn off the cone nut again and use it for a puller. Go to this site, http://www.appliance-parts-warehouse.com/ and see if you can find a schematic drawing of your model. Besides being a pretty big job, there are a few things you will probably need to buy. You should put new seals in tub and drive shaft. You'll probably need a new belt also. The parts can be bought at a local appliance repair shop. Check and see,how much they are. They should be well under $100. Good luck. I would put my e-mail address on here so I could help with specifics, but you know how much trouble that would cause me.
Ivan
February 2009