Dropping the masks is a no brainer--should be part of emer checklist. We have our crew masks armed as part of our climb checklist right after climb power just for that very reason of smoke in the cockpit. Had actual incident on climb out in IMC is reason for our procedural change. Before we armed crew masks @ FL150 checklist---flying in our comfort zone thinking nothing like that will ever happen to us. On the rare event you experience burning wires behind the panel and how acrid that smoke can be ---you will kiss your lucky stars for O2.