Since the topic is smells, maybe try to substitute odorless products for those you use that are strong smelling.
I agree that it is important to have a ventilator. But you may be able to use only a pickup with a flexible dryer hose and an end plenum that you can place near to where a fumes are coming from. If it has a switch, you can reduce the amount of warm air wasted outside.
I wonder if odorless refined oil paint thinners like Turpolene (available in art stores in the US) could be substituted for many purposes where you may be using WD-40 or light cutting oils -- I would think it would work well on aluminum since a very thin oil like kerosene (paraffin) is often used when tapping or drilling that material.
For steel and iron, sulfured thread cutting oil is a problem, but what about trying something like tallow (you can make your own from cooking grease drippings -- boil (render) it in a large pot of water and skim the clear fat off after boiling, and keep in a tin. If properly rendered and clarified it shouldn't have no odor and will keep well.
Also maybe some of the commercial water based cutting coolants are relatively low in odor..
For paints, you could use water based acrylic enamels.
Avoid aerosol sprays -- use a brush, where possible. Cover all brush cleaning receptacles. Wrap brushes in aluminum foil after cleaning.
If you must spray paint, bring the piece outside and a piece of cardboard to set it on and spray there. I've been successful with this even in winter if I bring the piece back indoors within about 20 minutes when most of the thinners have evaporated, then quickly get it into the basement! There will be a great reduction in odor.
Hot metal, in and of itself usually has no odor -- it's the thin film of oil or grease that smells when it is being worked -- so clean your work before machining. Since you're in a house with hot and cold running water, you might consider keeping a special cleaning bucket for use with hot sudsy water to clean pieces with. If your wife likes that sort of thing, use something that smells good in preference to pine or chemical smelling detergents.
Consider a keeping room freshener, if you can stand it, in the shop. That might cover up some of the unavoidable smells that will inevitably make their way up the stairs.
Well that's all I can think of for now......
Good luck! Wish I had a basement shop!
