I still love Neo Megilp (and all the other Gamblin products I've tried).
Based on alkyds, it does have a distinct odor. However, to me, it is not as strong as Galkyd (which is much less "acrid" than Liquin); and being "thixotropic" (gel-like when undisturbed, liquid when agitated), I only notice the odor when I first dispense it from a squeeze bottle onto my palette -- after it sets a few minutes, the initial odor dissipates and any further significant odor seems to be trapped within the substance. Overall, the slight odor has not bothered me; and I am VERY sensitive to chemical odors.
As far as the working time (2 to 3 days between coats), I find that I can alternate working on different sections of a painting, or even on different paintings -- something that Titian et al. often did (He'd even leave a painting for weeks or months and then come back to it for a "fresh look").
As far as the original maroger and megilp mediums, they eventually caused paintings to darken and crack -- which I've seen no evidence of alkyd mediums doing.
Finally, I wouldn't wish lead poisoning on anyone -- it is an insidious, cumulative poison of the nervous system, including the brain, notoriously (but not exclusively) of children. If you wish to work with lead, that's your perogative; but a person's got a right to know the real-world risks (a luxury Titian and others in the days before modern science did not enjoy).
Along those lines, I also like Gamblin's "flake white replacement" -- a mixture of titanium and zinc whites with the "stringy" handling and other famous qualities of the original, lead white. Note, however, that with a significant zinc content, it does not have the tinting or hiding power of pure titanium white (which tends to be more chalky).
Back to the easel!
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