I wouldn't recommend wool for your thermal layer, but I'd most definitely recommend it for your base/wicking layer. For the thermal layer, I'd go for a synthetic-based undersuit. Much lighter, transports moisture better and dries a lot faster.
The funky odor is more or less trapped in the base/wicking layer since that's what's next to the skin, and apart from its many other excellent properties, wool is unique in how much funk it can handle before it gets funky.
What undersuit to choose depends a lot on what is available to you. Unless the conditions are fairly extreme (typically below some 4C), there are a lot of brands which will work just fine.