I've been keeping a bunch of tins and bags (and pipes) in ammo cans for a while now. Granted these are Canadian ammo canisters, but I haven't noticed my pipes coming out wth any funny smells (other than the smells of pipes and tobacco, which I keep in an ammo can in order to contain those particular smells).
Bags still dry out, the volume of the can is still way too big to keep the moisture in the bag.
It does a great job of containing the smell of a tobacco stash though, the smell I get every time I open it is fantastic. That being said, it seems like nothing actually has a perfect seal, even my mason jars will strongly scent any container I keep them in, and that means there is still exchange through the seal on those lids. Keeping those in another airtight container should theoretically improve long term srorage even further. I actually don't have any jars or tins stored in open air (most of it is in an ice cooler for insulation from winter temperature swings).
Now if you were to stuff a can full to the brim with loose tobacco, that would probably keep reasonably well if the entire volume is filled with tobacco (again, not counting any smell from the paint). A bag of tobacco the same volume as the can wouldn't be much different.
It would be hilarious to see someone filling a pipe with some OTC blend straight out of an ammo can.