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White acrid smoke may indicate a failed electrolytic capacitor in the power supply probably in conjunction with a shorted rectifier. Needless to say, pull the plug at once.
A visual inspection should be able to easily confirm the bad capacitor as it will probably be bulging and have condensed residue nearby. Check the rectifier diodes or bridge rectifier with an ohmmeter. Resistance across any pair of leads should be more than a few ohms in at least one direction. Remove from the circuit to confirm. Both the faulty diode(s) and capacitor should be replaced (though the capacitor may work well enough to test with new diode(s).
If a visual inspection fails to identify the smoking part, you can probably plug the set in for a few seconds until the source of the smoke is obvious but be prepared to pull the plug in a real hurry.
If the smell/smoke is coming from the flyback, then it has probably gone belly up. You may be able to see a crack or bulge in the case. While the flyback will definitely need to be replaced, it is likely that nothing else is wrong. However, it might be prudent to use a Variac when performing initial testing with the replacement just in case there is a secondary short circuit or excess HV problem.