Vinegar works...
(as posted to SxSWmail, this was too good not to let everyone in on the secret!)
During a conversation at Tipple's last Wednesday night, the subject switched from "beer" to "stinking Irrepressible cycling shoes odors" after riding in the rain.
Dr. Gary Kanter suggested soaking the shoes in vinegar for a few hours.
I tested his suggestion the same night. It works. I did soak them overnight. My shoes smell a little like vinegar, but the dreadful smell is gone from the shoes and my garage.
T<redacted> try it sometime. Thanks Gary.