I don't know of any skunk style per se, but I've heard some stories about fighters who use odor as a weapon. Here goes.
Probably the most relevent was from Deng Ming-Dao's Chronicles of Tao. In one of the chapters he talks about a duel his master fought with someone who ate a special diet of garlic and eggs to develop rather noxious ****s. True or not? Hard to say, but it's a hilarious read.
Another one was from some of the writings of William S. Burroughs. I used to have some book tapes of him reading his work (what a great gritty voice!) There were two stories that I remember but I can't remember what the exact citation was. One story involved someone who again ate a special diet to develop noxious breath. That was in a series of anecdotes about various exotic fighting styles. The other was about an outlaw gang in the old west being formed where the leader had his gang members roll in a rotting horse carcass so they would all "stink of death". Even though these were fiction, they were memorable and worth mention here, just to keep this thread going.
The last I can think of would be one of Japan's greatest swordsmen, Miyamoto Musashi. According to legend, he was once attacked in a bath house, after which he didn't bath regularly and maintained an unkept appearence. It was shocking for samurai of the time, but certainly added to his legend.
I can tell you from personal experience working in drug rehab that stinky people are very difficult to deal with. Plus I'm sure we've all had the experience of having to spar someone who didn't wash his uniform regularly. Tha's just plain rude.
Skunk Fu. Another style that would probably be pretty effective on the street, but not worth pursuing and should definately be discouraged.