Well, right off, if you are concerned with toxicity and long-term health effects of things in your home/office, air conditioners are pretty much tops of the list for the fungus and moulds that form in the air baffles.
I got rid of mine and am in a completely unconditioned home. The computer heat issue for the summer is fixed with a small hi-speed fan that shoves air into the front grille. I'll manage to cool the northbridge heat sink by 20-25 degrees with it running. Can be a bit noisy, but a good set of headphones with iTunes running fixes any distractions.
The smell, which my MP had as well, burned out after 6 months, but I always vent the house anyways so it's good as gone. Between the hot stink of old computer coming from the beige I have, (10 years running faithfully, I might add) three dumpster-dive CRT monitors (one with cat wee on it) and the new MP smell - it was a fairly stinky ordeal for a while.
Do you clean out your mac on a regular basis? I have found that a can of compressed air and a trip for two to the porch and blowing the gunk out goes a long way to keeping the heat - and the stink of hot machine - to a minimum.
Regards,
Deb.