[he short story of why I used olive oil is that my wife suggested it.
If you care about the long story...
Tonight I was having trouble remembering all the details so I looked back on another site where I was looking for answers. Here is a copy/paste of what happened...
It is a Pioneer Deluxe if that means anything.
OK, Here is what happened: I figured I had nothing to lose (well, ok, $30) but a whole lot of experience to gain if I started trying all sorts of things on this old pipe. On Friday night I packed the bowl full of baking soda and a few drops of everclear. Just enough to make the baking soda a little clumpy. On Saturday afternoon I dumped it out and there was no difference whatsoever. It still smelled disgustingly musty. I decided to go the vinegar route. I started by removing the stem, sticking a pipe cleaner in the end of the shank, and pouring just enough to fill the bottom of the bowl just up past the draft hole. I didn't realize there was a little baking soda still in the shank and a little mini volcano began spitting and spurting and erupting brown foamy sludge into the bowl. Keep in mind I had cleaned this thing already with damp vodka soaked pipe cleaners for days. But now there was so much crud coming out I couldn't believe it. I started scrubbing it with a bristle cleaner and pouring alternating treatments of everclear and vinegar into the bowl. Suddenly something broke loose in the hole just before it enters the bowl and the pipe cleaner just stopped. It was like it hit a wall. For the next half hour I tried dissolving and breaking through the obstacle. I tried a piece of copper wire, a bodkin, and pipe cleaners. Vodka, everclear, and vinegar. Finally I got through and just kept scrubbing with wet pipe cleaners and puddles of alcohol/vinegar in the bowl. The same thing happened (something breaking loose and clogging the draft hole) two more times. Finally I decided to ream it out with a drill bit. I don't know what size I used but it was just slightly larger than the draft hole. The bit pulled out all sorts of black gunk. Still the hole (especially near the bowl) was giving up up grossness. Something about the baking soda and vinegar had a reaction on the gunk that was pretty profound. I went through an entire pack of bristle cleaners and more than a pack of cotton pipe cleaners. There was no end to the black crud on the end of the pipe cleaners. After all afternoon and into the evening I finally started getting brown (not black) pipe cleaners but there was literally no difference in the smell of the pipe. By now the smell was nauseating me. I mentioned to my wife that the alcohol and vinegar seemed so harsh and I wished there was some sort of penetrating oil I could let it soak in. She said, "what about olive oil?" I figured I didn't have anything to lose at this point so I completely filled the bowl with olive oil and let it sit for a couple hours. During the first hour the inside of the bowl turned the most beautiful color of marbled golden brown and dark brown. During the last few minutes of the oil being in the bowl I vigorously scrubbed the hole with a bristle cleaner and watched the olive oil turn black. Then I dumped it out, cleaned it with a twisted paper towel and a cotton pipe cleaner and gave it a sniff. Guys, I'm telling you the truth - the smell was GONE. The pipe had just the faintest aroma of pipe tobacco and it smelled fresh and clean. I packed a bowl of baccy and gave it a try. The air flowed well until the very second the pipe was lit and then it got restrictive again and I found myself having to puff and smoke fast to get any smoke in my mouth. But the nasty taste and smell was GONE. It tasted like MY pipe! At the last 1/4 of the smoke I caught a couple tastes and smells of the basement aroma but it was so fleeting I wondered if it was my imagination. It also got very wet and gurgly about half way through. Probably from smoking it too fast. I smoked three consecutive bowls (something I never do) and each one go better. After it went out the third time I cleaned it with dry pipe cleaners and twisted paper towel and filled it up again with olive oil. This time I let it sit for about 14 hours and did the same cleaning with it in the bowl. This time the oil didn't turn black. I packed up the pipe and gave it another smoke. Again, as soon as it was lit it seemed to clog up but I gave it a poke with a pipe cleaner before the re-light and it worked great through the rest of the bowl. About half way through it got wet and gurgly again but another poke with the pipe cleaner and it stopped and stayed dry the rest of the time. It burned til there was nothing left but ash left and it was fantastic the entire time. I am absolutely convinced that the olive oil saved this pipe.