I dip all my traps.Odor is never a problem,especially with those set in the water.
The only problem,with traps that are dyed (with crystals,or powdered dye)and not waxed,is the dye doesn't last long after a catch is made.Waxing water traps that have been dyed(not dipped)helps keep the dye from getting rubbed,off your traps.
Tom