Depending on the liquid into which you are pouring the lye, you can get all kinds of funky, unpleasant smells at first. Take coffee for instance- bad doggie breath multiplied by 100 (that was the worst one for me). lol But the resulting soap had no off-smells whatsoever, which is normally case no matter how stinky the lye solution.
Back when I first started soaping, I actually tried what you just did- dissolving my lye into oat water- and I promptly scratched it off my list of things to try, and then put it on my list of things to never do again. lol
From what I remember, my lye had a hard time dissolving completely in the oat water, and the resulting solution (if you could even call it that) turned into a gelatinous and lumpy goo. I was too scared to make soap with it because it looked like I could still see un-dissolved lye flakes in it, so I threw it out and made a fresh solution with just water.
I pretty much hate dissolving my lye into anything but distilled water anymore, and so I work from a concentrated master-batch 50% lye solution (equal parts of lye and water). If I want to make a milk soap or add other liquids such as oat water, carrot juice, etc.. I utilize 'split method' where the remainder of the total liquid amount for my batch (whichever liquid I desire), gets stick-blended into my oils. It's much less problematic for me that way.
IrishLass