Welcome to the forum.

I don't have Sport Chrono but I think if you don't totally deactivate PSM it will kick in (even with Sport Chrono on) when PSM detects wheel spin.

I too came out of an M3 (and multiple BMW's before that) but with close to 60% of the 997S's weight sitting on 11" rear wheels using your launch technique will make short order of your clutch. If you were still smelling burnt clutch for 30 minutes I would say you got that clutch pretty darn hot.