Frank, I just did it again. I wrote a long post about how good Peel Away 1 is and which version does what and what milk paint is and how to deal with it. Then I got distracted and erased it. The short version is yes, it works. With really old paint, put it on as heavy as you can get it to stick. No it doesn't smell.
If you have a wood variety that gets an age patina, like cherry, let me know. The other versions of Peel Away do not work with milk paint like Peel Away 1 does.
You do want to read, understand and follow the instructions and safety rules for using any stripper. I will not use methyl chloride strippers, but there may be a few special cases where it's required. With the info of the Peel Away site and literature, they make it easy for you to make a good decision as to what you want the stripper to do and have in it.