If you don't want this in your Update function, then you could do:
function StinkCooldownTime() {
stinkCool = true;
var timer : float = stinkTimer;
while(timer > 0)
{
timer -= Time.deltaTime; //time between this frame and the last frame
yield WaitForEndOfFrame(); //one of a few YieldInstructions that come in handy
}
stinkCool = false;
}