Well, now it's dried up. The de-bonding I mentioned earlier could have been there earlier, it's a 10 years old strap, and I didn't examine it closely before processing - though I think it was a little de-bonded earlier. And some of the glued places looks goods still. I'll have to test another strap to tell about the glue.
But I can tell you about the smell, it smells much nicer. Perhaps a little bad smell left, but not much. And I did use to have this strap in a plastic bag...
The surface of the strap looks clean and nice too, give the age of the strap.
So at least with this entry level Hirsch I would say give it a go before you throw a strap away.
I'll probably do a test with a less stinking strap later, I'll report the results.