I just got back from a class with the "Old sewing machine man" here in Florida. He is an expert on all things featherweight. So I have a solution for some of your problems.
So for the stinky case he suggested Odor eliminatior by Mary Ellen. Same lady that puts out Best Press. He says it's the only thing that will work.
He also suggests that you use a 1/2 water and 1/2 simple green to clean the machine. After that dampen a cloth with water and wipe it off again. Then dry it with a clean cloth.
You can shine her up.with Carnuba car wax. DO NOT use any wax with "rubbing compound".
Also do not get rubbing alcohol near your decals. They will turn silver and then dissolve.
For the case you can clean it inside and out with Murphy's oil soap.
Use elmers glue to track down any fabric that might have come loose. Use a permanent marker to color in any worn places.
He also said to use a piece of batting to wrap up the machine where you would normally pick it up and/or put it in the case. It keeps your skin oils from eating off the finish. If you feel underneath the top of the machine, it might feel bumpy. That's the finish wearing off.
You did right getting rid of the felt pad in the bottom. I just replaced mine too. It was full of oil and mold. I imagine with a good wipe down and some air, your machine will smell better soon. As will your case if you get the odor eliminatilor. I hope this helps. Gina