Have worn mine as a under layer not a mid layer.  It is light, breathable, and comfortable next to skin.  Can’t talk to it’s “stank avoidance factor” as I have only worn this in cooler weather.  
I typically wear this under a strong fleece 260 and in cooler temps put on a jet stream jacket over both, in cold I have layered a north face thermoball in there as well.  
I like the shirt.  I have no idea how it compares to peloton 200, but I would say the pro-merino is low insulating value and more a moisture moving layer