PowerLizard: "How do you rinse them off to make sure the smell is gone?"
I have found water out of a hose works just fine ;-)
I just dump the contents through a strainer and then rinse off the sinkers. There is no residue but they will certainly be a much darker, almost blackish type of color without any of that glossy / shiny look. Lead is not porous so there will be no odor issues. I would be curious to see if it works on other types of metal.