Love that Elm...
Hello Matt,
Down in this part of Texas, we turn lots of Elm... It's a really nice timber and it can produce some really beautiful zone line definition in spalted blanks. As another poster mentioned, the smell will go away when it is finished, so no worries there... I'm a professional woodturner who works primarily with green wood, so if I can help you with any specific questions, please do not hesitate to contact me, or post your questions here. I have a couple of articles on using wax emulsions on green wood and drying that you may be interested in reading. Here are the direct links:
This article talks about using wax emulsions on green wood to help prevent checking...
http://www.woodturningvideosplus.com/wax-emulsion.html
This article talks about a simple method to dry green wood blanks and rough-outs using paper bags...
http://www.woodturningvideosplus.com/paper-bag-drying.html
Whatever you do, you need to treat the exposed end-grain areas with wax emulsion, (some folks use latex paint) to prevent steep moisture gradients from forming, which can lead to checking. I would also treat any high figured areas on your blanks like tight curl, crotch figure, burl etc. It's also best to treat the end-grain as soon as possible after cutting to prevent checking.
The amount of time that will be required for your blanks to reach EMC is highly variable. There are six basic factors that will influence the amount of time required for your blanks to dry, or reach EMC. These factors include:
Specific species
Wall thickness
Average temperature in the drying room
Average humidity in the drying room
Amount of wind velocity in the room
Adjunctive drying processes, if any, that are introduced (dehumidifiers, heaters, air conditioners etc.) into the drying room
As you can see, it really depends on the specifics of your situation. With thick blanks it can take quite a while before the piece reaches EMC. That's why most woodturners go ahead and rough out a piece... It dries faster than leaving the blank in its solid form to dry and it's easier to turn green wood to boot! Take care and all the best to you and yours!