As long as the lid isn't completely airtight, you shouldn't have a problem. Airtight lids won't let the poop dry out and wet poop is always stinkier than dried out poop!
Sorry! But bf poop usually doens't stink and all you do is toss it in the pail and then dump it in the washer. Nothing special. Our pail is a $5 sterilite push-button lid garbage can from Wal-Mart with no liner. I wash it out every once in a while and hit it with a blast of sunshine but that's it. No maintenance really. Our pail used to be in our bedroom next to the clothing hamper but now it's in Sara's room now that she has her own room. It's right next to the changing pad and the diaper stuff just for simplicity's sake. It's in her closet to be exact because I have an in-home daycare and for health regs, it needs to be inaccessible to the children even though it's got a lid. Otherwise I'd just leave it out! If you want a liner in your pail, I'd definitely get two. That way you wash one with the dipes while the other is in the pail awaiting the dirties. The pail really shouldnt' get stinky at all as long as you wash every 2 days or so. Most people here agree that you should wash every other day, but no longer than every 3 days to avoid stink problems. And truly, your washer will probably only hold 2 days worth of diapers anyway so it's easier to run one wash than 2 small washes. If you change in the living room and you want your pail there, GO FOR IT! It could never be as bad as a diaper genie "sausage" anyway! ICK!
Oh and by the way, I've been diapering for 9 months now with this daughter and my first daughter was cd'ed as a toddler until potty learning and I have NEVER dunked a diaper in my life and my younger dd is eating solids to some degree. We use our washer as a wet pail to soak the really disgusting ones and then sun the stains after washing and my diapers still look basically brand new. I'm very picky about my diapers and stains. I hate stains and I like everything to look clean as well as BE clean. But you can bet I'm NOT sticking my hands in the toilet to dunk a diaper. BLECK!