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There is actually nothing wrong with Lutefisk, I eat kilos of this stuff at Christmas table.
I start to buy it in november as soon it hits the stores (It is a seasonal product around here)
Boil it in salt water for 20 minutes, add some salt and pepper or prepare a white sauce. Eat it with potatos or vegetables. Tastes delicious. The texture is the best part, lye breaks down the proteins so it has jelly -like substance, not unlike that of raw fishes or octopus
It does smell bad, even rancid, but the taste is extremely neutral and pretty good. Just like some cheeses may smell putrid, but taste good. It is an acquired taste.