sure would. If your getting that hot overheated metal smell or the burnt marshmallow smell then your pushing you PS too much.
I overheated a deer 300w power sup with a 80w peltier. It use to smell like hot metal after running for a whole day straight. Finally one day i got the burnt marshmallow smell and now it won't turn on...i toasted it...literally.
My opinion is if the out side of the PS is hot it's way too small. I remember mine heating up pretty good. Extra fans didn't help it. You probably need to look through your system and start guessing at how much power your drawing and look for a good power supply with enough watts and amps for your particular system.