Ferrari 456 GT smoke problem.

I recently experienced some light smoke or similar substance rise up from the underside of my '95 model 456GT RHD manual car. This substance appeared just behind the RHS front wheel and between the wheel arch and the front door opening. It only occured when the car reached operating temperature and stopped when it cooled down, It also had a fairly pungent smell almost electrical. It has now disappeared after running the vehicle for some time. It seems that something may have dropped onto the exhaust and burnt off although I was concerned that it may be electrical because of the smell. However none of the electrical circuits appear to be down although I am not sure whether the adjustable suspension switch is activating the different ride characteristics. Is there any way of checking this.

Furthermore does anyone know if there is any wiring carried in the sills of the car, that panel which runs along the bottom of the car between the two wheel arches. This is where it appears the smoke came from.
Thanks
Peter Lance