Kiln dried pine is the best to keep odor down. I use kiln dried pine and the rats seem to like it as well. Untreated pine is toxic to rodents, so don't use it. When it's not dried, the oils are still in the pine, and the oils are dangerous.
I use America's Choice Eco-Flakes. I like it a lot compared to other wood shavings. The pieces are very small, and absorbs very well. I get mine at the local feed store for $6 for 3cu/ft
I used to use Pine pellets (wood stove pellets or horse stall pellets), but back when I was using it, I was using giant sterillite stand alone tubs, so it got really heavy for me to manage. It worked really nice to keep odors down and when it got wet, it broke down into sawdust.
Between the two, my rats seem to favor the Eco-Flakes. They were much more 'comfortable' and easier to nest. The pellets were hard and not as easy for them to nest.
Vanilla Extract works. At least for my rats, they do. I just do a couple drops in the 16oz water bottles, so I do a spoonful or two for the gravity feeders.
I haven't seen any difference, but I hear putting some baking soda under the bedding helps with the odor as well.
The most important part of keeping rodents is having good air flow. Air flow keeps the smell significantly lower compared to still stagnant air. Not to mention it will prevent ammonia build up and your rats from getting RI.
So I suggest keeping a fan or air purifier blowing in the same room with them at all times.
I got my watering system from Freedom Breeder, but I saved a lot because they're local to me. Reptile Basics also carries watering systems.
I suggest using a lab block such as Mazuri or Harlan to feed. They are specially formulated for breeding, nursing, and growing rats.