I beez an electricimicution guy!

If your Tstat has an emergency heat circuit, may be a long shot that it's messing with something. But I don't think that's it because you didn't have voltage.
Yeah, the T-stat was OFF at the T-stat prior to it continuing to heat and run. Nothing on the screen.
 
UPDATE:

Went and picked up the new fan relay board today. Got home and checked the time on the clock. Went to work gathering up the power tools and flashlight, etc. 18 minutes to change it out and get the breaker back on. And I double checked the wiring for proper location.

Testing the unit by adjusting setpoints worked great. I set it and forget it. It was pretty warm today and I was waiting for it to come on by itself at normal situations, but I had to raise the temp up some because it was such a warm day it may not see 68 until morning. It just came on a little bit ago and heated up to setpoint and the heat pump cut off, the fan ran for about another 45 seconds thereabouts, then shut off. I deem the repair successful.

SUCCEEDED! Now I'm an instant expert on everything HVAC. Next week I'm getting an HVAC van and starting my own business!!!!

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(eating a grapefruit) "If at first you don't succeed, keep on suckin' 'til you do suck seed!" - Curly Howard

"*SMACK*"- Moe Howard

 
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And that smell could also have been your fan motor about to go on strike for better working conditions or on a permanent vacation, and they aren't cheap.
Kind of wondering about one thing here. You mentioned wiring your whole shop yourself. So no permit pulled for the work, or any inspection done afterwards? Your shop attached to your house or off by itself? Like was commented above, 220/240 is very unforgiving so thinking here that no circuits dedicated specifically for a welder or compressor? Won't state it as a certainty but most jurisdictions want some kind of certification sticker on things like plumbing and heating and wiring. All that falls under the heading of the building code. That way, when things go totally wrong and the house burns down, the fire inspector doesn't get to go "A-HA", and write down faulty wiring or something along that line as the primary cause. Insurance companies love anything that let them get out from under having to pay for the rebuild. Plus which, meeting code keeps you from having to pay what might prove to be heavy duty fines for any infractions found as well as having to cover the cost of bringing in that certified electrician to fix everything. And no, I am not an inspector of anything except sidewalks, I just don't want to discover a post on this site that laments the loss of life, never mind the property such as a garage and contents. Been one of those posted already this year a few months or so back. Pictures weren't pretty.
 
Nice job! I had a similar situation last week with our American Standard forced air furnace. It was acting erratically and stopping at different points in the start up cycle. After checking the limit switches and sensors with a Fluke and verifying they were all working properly I decided to take a gamble and replace the control board. Service calls in my area are not cheap and when they come to your home they typically try to find a reason to sell you a new furnace. I ended up buying a new board on Amazon for $88 which fixed the issue. HVAC guys often make a fortune on small issues that can be fixed by applying comment sense and some basic mechanical / electrical knowledge. So many people get hosed in situations like this.
 

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