Yes, do something now!
Hot electrical outlets and especially the bake-lite smell (a heat indicator) is the pre-fire warning from arcing aluminum wiring. The heat is the result of arcing from loose electrical connections.
You must immediately change to the approved aluminum devices or the approved pigtail method in this house and have this house checked by an experienced electrician!
The heat concerns me. A safety check from an electrician is warranted when you detect that bake-lite burning smell which is ozone like pungent odor.
You may also get some help from your Fire Department. The Mehlville Fire District is very knowledgeable and may have a thermal sensing heat detector “gun.” The firefighters use this tool to detect “hot spots” in enclosed walls at fire scenes to locate problems and identify where another hot smoldering area is so it doesn’t start later.
Mosby Building Arts, 314-909-1800, my company, also provides this service for safety and repair purposes. We use a thermal sensor or infra red thermal device to identify areas that need attention, find pipes and wires in walls and generally “see through things.” Just a thought.