I am not a rehab expert.... but Dooney AWL leather is water resistant because it is shrunken to
tighten the pores. I don't know if dunking will provide the in-depth cleaning you are looking for.
And I have no idea what it will do to the construction or shape.
I would guess that odors were absorbed thru the interior, which on original AWL bags is primarily
the unlined suede underside of the leather. I'd focus on the interior. Clean the interior as well
as possible....vacuum, brush, spot clean, damp soapy microfiber cloth (don't use too much soap or it will be very hard to remove. Leave the bag open, in well ventilated (preferably outside) area, after it's dry, stuff with coffee beans, baking soda, charcoal packets. Repeat as needed. Good luck.
Smells are a challenge. But, if they were introduced after the bag was manufactured, then you
have a good chance of resolving the problem. Smells that come from the tanning or
dyeing process are often permanent. But I think that is much less likely with an AWL bag.