It isn't crazy, but I don't think it will work. :)
It is possible the odor is in the leather and it just isn't going to come out.

If it were mine, I would use a leather cleaner that has some sort of scent to it. Then I would buy several bars of soap with a strong scent - Irish Spring or some nice lavender soap - and unwrap the bars of soap, put them in the bag and leave them there for a few days or a week. Or sachets sold in places like Yankee Candle company - that would give you a choice of scents. The idea is to overwhelm the current scent with a new scent.

Try filling it with baking soda. If you have a warm dry spot in your home, leave it there for several days. I'd put it near my gas furnace. I use my burner room for drying herbs and flowers. It's about 80 degrees and very low hunidity. But the dryness may effect the leather. Try this at your own risk.