Both excellent products, not cheap but worth the premium. If it is the product breaking down then there is likely nothing that can be done. Pureayre belongs on any boat anyway so I suggest trying it.I find that OdoBan smells like a veterinarian's office...
I have used PureAyre Marine to combat odors. It supposedly has enzymes in it to help neutralize odor;
Regarding the waterproofing, if the gear is made from a woven cloth, I recommend 303 Products High Tech Fabric Guard;
What is the smell like? If it is mold then I suggest soaking in Borax, if it vinyl type smell it might be past saving. If it is sweat or decomposing type stuff try pureayre. Check the labels, as if it is Gortex it has a lifetime warranty and you may get it replaced under that. Timberland used to make some pretty good stuff so it may be worth putting some effort into it.