Hey there,
Here's the basics... The only logical way to estimate your yield is based upon the wattage of the light that you are putting over your plants... The light is the one variable that determines, BY FAR more than any other, how much is produced (you can have the same sized light over different numbers of plants and over different square-footages of space and you'll end up with about the same yield in the end, generally. Put another way, you can grow 4 huge plants in 40 square feet of space or 4 smaller plants in 20 square feet of space and the one thing that will make the most difference for your yield is your light).
So, generally a formula you can consider is : hope for approximately 1 pound per 1000w of light. So, if you have a 600w (or equivalent) light in a 4x4' tent, you're doing OK if you get 60% of a pound. If you have a 250w (or equivalent) light in a 3x3' tent you're doing OK if you get a quarter pound.
Depending on the strain, you should be able to do a full run, from seed/clone up to finished product in around 3 months.
So, I would suggest, if you want 1/4 pound every 3 months, to get about a 3x3' tent, or box, or room, or closet; and use about 250w High Pressure Sodium (or roughly equivalent in Quantum Board LED lighting).
The second most important factor that affects your yield is the genetics of the 'strain' of cannabis that you choose to grow. Some strains produce much more than others in general, and some take much longer to grow and produce however much they yield than others take. Some of the more 'heavy Indica' strains that take approximately the normal 50-70 day flowering period to finish can produce good 'bang-for-your-buck' quantities of bud. Check out www.sacredseedbank.com for information about some different strains available for your legal 4-plant grow, and their relative yields.
The third most important factor (all other things being equal - like of course you have to give your plants the best nutrients in the optimal quantities for them, good air-flow for fresh CO2, correct temperature and humidity, etc., the right amount of dampness so as to not over- or under-water them, and other careful efforts like reflecting your light back onto your plants rather than allowing it to cast light onto places where your plants are not, for them to be the best that they can be) is how you lay out and space your plants and their branches and buds in your growing space so as to most efficiently use every 'lumen' of light energy that your lights produce throughout the whole life of your plants. So, for example having younger mixed in with older plants in a rotating 'sea of green' can allow you to make more efficient use of light that otherwise would be wasted if all of your plants are little babies at the same time, and hugely important is to consider 'Low Stress Training' your plants (perhaps using trellis and/or tying branches down) to spread out the budding branches and make your plant canopy the most evenly spread-out and as close to a horizontally even layer of 'buds' as possible rather than having for example one taller central 'cola' with all of the other buds/branches much farther away from the light and its loving and productive intensity. (Follow-up reading about growing techniques like Sea Of Green and Screen of Green - ScrOG - would be wise to get a better idea of what I'm getting at here).
As for smell, the one most effective method to mitigate and control odor is to use an Activated Charcoal Filter on your tent/room/box/closet's exhaust and maintain a 'negative air pressure environment' inside the tent at virtually all times (more warm smelly air being exhausted than cooler cleaner CO2-fresh air that is being pulled in through your 'intake fan'. This will remove approximately 99% of the smell from your setup. You can exhaust that smelly air into the room/basement/space where your tent is located, or better is to exhaust it to the outdoors and to have the option of pulling your intake air from nearby outdoors for nice fresh cool CO2-rich air for your plants (best to have the option to switch between indoor and outdoor exhaust and intake depending on how cold it is outside, how hot it is inside, with consideration of what kind of light you are using and the season, etc.)
Our website's Information Index Page has detailed option pages linked from it for our suggested and available Tent Configuration Suggestions for 2x2', 3x3' and 4x4' tents and we now carry new "Quantum Board" LED lights from MARS Hydro and Shenzhen Meijiu Lighting that are very very good LED lights that we've seen produce some of the most impressive buds yet with low heat production etc. but that are not yet listed on the Configuration sheets that do need to be updated to include them and perhaps other little details here and there but should help to give you a pretty good idea the way they are.
Hope that helps! Thanks for asking!