Smartwool isn't itchy in their microweights and lightweights.
Ibex, however is.
I will say, though, I wear wool religiously. I literally wore the same long sleeve wool shirt about 75% of the summer, including 90-100+ heat days. It was a Smartwool Lightweight shirt. I also cycle in an Ibex Woollies (the sleeves aren't loose). I never feel an itch anymore, and I never reach for anything else for extended trips.
I've recently started cycling in a wool/synthetic blend from TNF I got from someone in Gear Swap and so far, I love it. It's very soft. However, it's definitely a sweater and not a warm-weather garment, so this doesn't help you much, but it might be worth looking at blends. I personally doubt blends for odor; (if there's synthetic thread in there, won't it stink?)
In other words...
Try wool. If you commit a bit, you may never go back. The "itch" is hype.
I'm wearing, right now, my Smartwool long underwear. Earlier today, I was wearing my Ibex baselayer top with Icebreaker cycling shorts and wool toe socks, with a wool headband. I slept last night in Smartwool briefs. I am a poor college student, but I rotate through 2 pairs of underwear, 10 socks, 2 light shirts, 1 sweater, and 2 sets of long underwear, all wool, 365 days a year. Only time I'm not in wool is when I'm changing wool pieces.
I actually told a girl once that a significant part of foreplay for me was removing wool. She didn't really think it was as funny as I did...