I have an outside worm heap at the bottom of the garden. I have to feed it regular, it's amazing how efficient the worms are at breaking down the waste and turning it to soil. I have no doubt that it would exude a certain smell especially at summer, not that I notice because like I said it's tucked away at the bottom of the garden so any unpleasant odours don't come near the house. If you don't keep on top of the feeding (household scraps, old newspapers, garden waste are my favorites to feed) then the nice fat worms start taking on a skinny undernourished appearance and will eventually vacate the worm heap for pastures new. It's important to keep it moist as well.
If you plan on having one inside, that might work as long as the worms can't escape and you keep it topped up with food and don't let it dry out. My only misgivings would be the potential smell.
P.S. never put meats, fats or citrus fruits in as food. Like I said, my favourites are veg waste from kitchen, old newspaper, grass/plant cuttings from garden.