The smell is the worst thing about the fish emulsion, do not run it through any irrigation lines either or raccoons and cats will chew them. Mixed with other things at a much more dilute rate than the manufacturer recommends is a good way to get around the odor. Or use a diluted solution more often.
I did a little more reading, it seems that high levels of phosphorus are what suppresses mycorrhizal fungi. So organic P fertilizer like bone meal is better for mycorrhizal fungi because the phosphorus is released slower. Sandy soils need the most P but adding organic material helps greatly.
Teas are a great way to feed the fungi, and a great way to feed plants in little containers because there are plenty of fertilizer salts available from the bacterial decomposition. A really nasty smelling tea is a bad thing, I cringe when reading the 55 gallon drum rose recipes. Anaerobic bacteria produce organic acids that inhibit plant growth. If the tea is not aerated efficiently and stirred regularly, or if the recipe has too much fertilizer, or sugars for the oxygen diffused in the water supplied, then aerobic bacteria will multiply as they should but quickly use all available O2 and then die off below the surface, leaving anaerobic bacteria (which produce the worst smells) to do the work. Alfalfa has a funky aroma to begin with so the smell of a finished product is relative, it never really smells "good". I am interested in trying out nettles this year, will begin a brewing soon. Here's a really good resource on the subject.