To remove the odor from clothing or material like the blanket, you need lots and lots of fresh air circulation. If you can hang the blanket outside (not in direct sunlight, which can cause fading) that will help. Or, you can put it in the dryer on fluff or air only to help remove the smell. It may take several times. Good luck!
The clothesline-outdoors thing works. You get the best effect from a sunny,
windy day. I wouldn’t worry too much about fading unless it’s a very cheesy blanket.