The odor was probably the alcohol solvent. I know someone who does use Pam (store brand knockoff, actually), and it seems to work well for him. He uses it on small, bottlenecked cases like .22 Hornet.
The only problem is that it's an organic oil, not petroleum based. That means that you HAVE to clean the dies and the cases thoroughly, or else you'll build up a layer of varnish and decayed oil very quickly.