I wish to point another drawback of such system
Information speed transmitting.
Let's compare crowd's alien scent capable and sound-voice capable.
These both crowd's sitting somewhere in safe places, and in each group speaker will talk to group.
Smell is carried by molecules, and how fast listener(I'll use that therm for both groups) will get information depends how fast smell diffuse in air. There are formulas for that, but as we are smell capable creatures(most of us) probably you had personal experience multiple times of how fast smell is distributed, it's not fast, compared to sound.
- actually very important moment. Any danger signal can be heard almost instant. Only smell is almost useless in fast reactions to danger as group.
In fast reaction, but overall it works, specially if you do not care about individuals.
Reach distance of smell communication is more distant then sound. There are Whistled language's or short video about with examples here (very interesting and useful concept for open spaces, and maybe not only). Optimistically, maximum distance of communications will be something like under 1km(depends, and no, I'm not sure). Butterflys(at least some) attracting each other from greater distances in time of mating.
Although there сomes difference between sound and odor. Despite what we say, which combination of sounds we use in our sentence - it will arrive how it was send (in same order of sounds). By odors that is not quite true, because their speed depends on mass of molecules, longer distance is, more significant is that effect, obliviously, it may change order of odor sounds, at some distances, and that means not $\frac {n!}{i!}$ because odors have to be emitted in order of their molecular masses. I mean, I assume they have, but really it's too complex even at level I may think about. You may be interested in reading Gas chromatography.
Sounds corruption is also a problem, but they tended to corrupt as whole word or sentence, that way most of times, we know it's broken when that happens.
For simple, actually 1-2 bit signals, odor works well. But complex sentence over 1km not sure about that, but even if it will, it will take hours instead 3sec for sound creatures.
Back to speaker's
When odor speaker speaks, he can't speak fast and too long, just as so easy as sound-speaker do. For smell it needs some time to disappear, it's like speak in volume where reverberation works in that way so it needs minutes for one word to disappear.
there are some solutions, like media, rope-band like magnetic tape, which speacker records, and all read(circle, where speaker is only one erasing and recording point, all other just read). But that means no jokes are allowed, no speaker interruption - could be solved at some extend too - as bands of records on same tape - it may be even very useful, objection or complement may be placed exactly near that part of speech you are objecting or complementing. (we do that too just amount of bands are equal to count of peoples)
or speaking in stream of air(from speaker to audience), then speed of air will be limiting factor of speed of information transmitting. But we are just limited by how fast we can generate sounds.
they will have hard time to whispering information which is important just between two(spies)
Speed
Just speed of transmitting of odors, it not actually speed which I wish to point.
In voice communication One human may easily (if other agree) to send message fast and easy to 100 people - just stand and speak.
Although by odor communication you may inform millions at a time, not fast not easy, but still that millions.
For our human there will be at least 3 steps in communications(rumors) to spread information over million peoples, and each step may contain errors (misunderstood, lie, what ever), but even that in form of rumors it quite fast. Although with internet, informing millions of people, who wish to be informed, is quite easy task: fast, reliable, exact (big deal actually) (yes yes, I know, not so easy, but you have to agree there is Big difference)
Actually rumors, is good enough model, to imagine how such odor communication may look like, in therms of information transmitting. It's possible to get some true bits over some time, but it's not precise, and takes time and effort.
Conclusion
In short therm odors may have advantage, specially for simple communication systems, for long and short distances. And it works well for simple creatures, as beacons (shark ability to smell) etc. But it have serious disadvantages for more complex communication systems.
Can not say, that it's impossible to make it work for complex systems too, but making it realistic definitely not an easy task.
Take best of two worlds(sound or tactile or both), it's good for relatively longer lasting information(minutes, hours), as emotion expressions as example or maybe other tuning factor for information transmitted, sticky notes you mention. Handwave a bit. Really, in this case, I do not wish to be like those humans who told rockets are impossible, but it's long way to figuring out, what is good for, and limitations of it.
We had and have different approaches to transmit information: sound, visual, smell, artifacts, flowers, combination of symbols(of anything, really anything), Quipu. You may wish to start by investigating how has been solved such problems in the past, and how we do that today. We exploiting all our sensing abilities, not in equal proportions, not always, and it's just so happened we are not the best at smell, but even then we use it as information transmitting and information source, obivious example Perfume. I smell food each time, because it tells a story about itself, so at least I listen to my food each time, before we join together))