Yesterday rented a coolant system pressure tester, was going to try it to find out that it needs a $45 Japanese car adapter. Bummed I just tried tightening up the upper hose clamps. Today got the adapter, pressure tested the system to 15 psi, let it sit for ~10 minutes, dial didn't move at all! Went for a drive, old coolant spilled/burned off and it didn't seem to produce any more smoke/smell! Looks like it was a stupid hose clamps, I will verify that there is no coolant tomorrow.
So glad it was a simple problem, I did already receive a new timing belt kit with new WP. Guess I'll set it aside until it get warmer/I hit 200k miles. Now can go camping this weekend, woohoo.