I'm just reading up on this as well. It seems like the worms are a one-time-deal unless you don't feed them and they die or something. Most people selling their worms are selling the extras from THEIR composting bins.
And any of them, if you do them well, they will smell like earth, like dirt, not like garbage. The easiest would be digging a hole or putting up chicken wire on the lawn somewhere and tossing stuff in there, then fluffing with pitchfork, etc. If you are renting and this isn't possible (like me), the options are a little more pricy. You can go as simple as a modified black garbage can, from what I understand, though, so it does not have to be fancy.
Watching this thread, though, and hope you find some answers from people that have done this!