SMELL OF EQUIP OVERHEAT AT 500 FT ON TKOF. STARTED L TURN FOR DOWNWIND; TWR CLRS FOR RT TURN.

Narrative

DURING THE TKOF AT APPROX 500 AGL FROM KIND; A STRONG SMELL OF OVERHEATED EQUIP EMANATED IN THE COCKPIT. FEARING A SITUATION RESULTING IN THE COCKPIT AND CABIN FILLING WITH SMOKE; WE ELECTED TO DEVIATE FROM THE STRAIGHT-OUT DEP CLRNC FROM RWY 05L AND RETURN TO LAND WITH THE EXECUTION OF A L DOWNWIND MANEUVER. WE HAD ALREADY BEGUN THE TURN WHEN TWR AT IND REQUESTED A R-HAND TURN FOR US TO RETURN. DUE TO THE FACT THAT WE WERE EXTENSIVELY INVOLVED IN COCKPIT EMER PROCS; WE DID NOT HAVE TIME TO CONVERSE WITH THE TWR OTHER THAN TO STATE TO THEM THAT WE WERE RETURNING TO LAND IMMEDIATELY DUE TO A PRESSURIZATION PROBLEM AND THAT WE WERE ALREADY IN A L- HAND DOWNWIND. WE DID NOTICE CONFLICTING TFC WHICH HAD JUST DEPARTED KIND; AND DID NOT CONSIDER THE TFC TO BE OF CONSEQUENCE TO US AS WE PROCEEDED IN THE DOWNWIND. WE LANDED WITHOUT INCIDENT AND DISCUSSED THE SITUATION WITH IND TWR TO INFORM THEM OF THE ENTIRE SEQUENCE OF EVENTS. IND TWR REACTED IN AN EXEMPLARY MANNER IN CTLING THE SITUATION. WE WERE EXECUTING CAPT'S EMER AUTHORITY AND HAD LITTLE OR NO TIME TO CONVERSE WITH IND TWR BECAUSE OF THE WORKLOAD IN OUR 2 MAN COCKPIT. MANY TIMES; PROCS IN THE COCKPIT OF A 2 PLT ACFT PREEMPT ATC AND WE MUST RELY ON COMMON SENSE AND PREDICTABILITY TO COMPLETE THE SITUATION SUCCESSFULLY. THIS WAS ONE OF THOSE TIMES.