Pine pitch, pine tar and pine resin are all colloquialisms for the same stuff...the gooey stuff that oozes out of a boo boo on a pine tree.
Pitch glue is a mixture of pine resin, charcoal or other materials(dried rabbit or deer poop) for body and bees wax or animal fat to make it less brittle. Everyone has their own recipe and mine is about equal parts of each with maybe a bit more pitch.
To seal sinew wraps and some arrow shafts I dissolve pitch in alcohol, strain it and paint it on with a small brush. The older pitch that has hardened(terps evaporated off) seems to dry well without being tacky for a while. If your pitch varnish is tacky you can roll the area covered by it in fine charcoal dust or chalk dust.
There is no smell to dried rabbit or deer poop. If there is, you don't want to use it. Basically it is the non digested material(plant fibers) that you are using in the pitch glue to add body to it. Pat
ps. Other plant resins will also work for pitch glue or varnishes.