What is the filter rated for? That will be the key as far as it's ability to reduce smell -- as well as overall quality.
As long as you have a slight negative pressure, and the filter is proper, it shouldn't be too strong. Better off piping it outside. May find that helps reduce smell if it can't build up over time. If it leves ~5%, that room will fill up with a higher concentration that what the filter is providing.
Usually those 4" filters are ~160cfm rated... going over that reduces effectiveness. Check the specs. Those adjustable 4" fans usually don't reduce more than 20-25%, unless you got a nicer one. If not, now worries, you'll be replacing that $30 fan within 1 year for sure, unless you are a lucky one.