Backfire on start up, electrical burning smell

Hello Friends,
Yesterday after removing my crappy, old, oem rubber boots from intercooler and replacing them with silicone ones, when I started the car I noticed something. The engine seemed to make a back fire (sounded from engine because I had the hood up) and this strong, almost electrical smell. I have double checked all the wiring that I can get to and see no melting or signs of bad wires.
Now, I do know I need my timing chain replaced because back in the colder months when I would first start the car, I could hear the chain hitting the valve cover and I have already purchased the timing kit from Edge. I have just have been chasing other problems to get it installed, but, it is my next thing to have done.
Could these two be related or should I look somewhere else ?
Thanks in advance.

 

Timing being off can cause a backfire yes.