I have a ThermoPride OH-5 oil furnace about 11 years old. The problem is , the draft regulator is extremely noisy. This occurs regardless of blower running or not, although it is worse when running. I do live on top of a small hill and it is quite windy here. My question is, is there anything that can be done to quiet this down, does it need re-adjusted ? Or is there a better method that can be installed >?

The draft regulator is banging around due to the wind? You would have to have a Draft Rite gauge and know how to use it to adjust the weight on the damper door. Years ago I took a piece of hard nylon and placed it where the door would bang. While this did not solve the problem or the customer it did make it more quiet.

I guess after closer observation this is just a while running issue. Also I seem to notice a unburnt fuel/soot smell outside. I suspect that I am not getting a good burn in the firebox. Has anyone encountered this and I assume these two problems are interconnected?

Before you get to involved in this project I would call a professional. Your burn problem/soot smell could be involved but the only way to really find out is to have a knowledgeable person visit your house and fix it correctly. To many variables to try and fix over the net by guess work since we are not there.

Oil furnaces are tricky to set up. A combustion test kit will costs over 500 dollars. A good oilman can do all that is required for 100 dollars, you will save more than that in fuel and potential problems by having him set it up for you. If the furnace gets too sooted up it will never run right without spending 300 dollars or more to have someone clean it good with a soot-vac.