My Lab ain't stinky~! (of course, she is a spoilt princess who is brushed and bathed regularly). She's the friendliest dog on earth, plus a good performer in agility and retriever events . . . and a sofa and bed cuddler too.
I would be leery of a backyard-bred mix. Chows are unpredictable, especially around kids and strangers, so if you have 4-H'ers running in and out I don't think that's a good idea. When you have a profound outcross, the pups usually run the gamut from one parent to the other, so it's quite possible you might get a dog that looks like a Lab but has a hair-trigger temperament. Not good, especially because kids might try to hug it because it looks like a sweet ol' Lab . . . .
Our next door neighbors wound up with a couple of Lab-Dobe mixes by the same method (somebody down the street had an accidental litter, the kids thought the pups were adorable and begged for them.) Not a success at all. The dogs are pretty gentle (although somewhat unpredictable), but they are enormous, clumsy, hyperactive, and as dumb as two sacks of wet mice.
If you don't want to buy a pup from a breeder, consider getting a nice tempered Lab from a rescue organization, where they have tested the dog in a foster home and can give you an idea of what you're getting into.