This may be the same as charcoal? I've used odor eaters - those shoe inserts for smelly feet, put one in a musty bag sometimes with a dryer sheet and fill up the leftover space with crumpled newspapers which also absorb odors. You can change out the newspapers every couple of days.
Thank you for the information but this is an older thread, but I have successfully used charcoal filters designed for an aquarium with bags that had a cigarette smell.
The problem with the Cashin for Meyers bag was that it had mildewed, but I was able to rehab it and get rid of the nasty smell:
http://forum.purseblog.com/coach/cashin-for-meyers-bag-rehab-pics-614535.html