I also hang up my wetsuits and jacket, and I lay the gloves/hoods flat on a shelf in the closet. So far, I have never had any issues with degradation of neoprene. I also think that rinsing your suits in fresh water and washing them with wetsuit shampoo helps, also.
I use McNett's wetsuit wash. I throw a capful of it into cool water in the tub, let it bubble up, and then throw in my wetsuit and gloves, boots, etc and let it soak. Then I give everything a good rinse and let it air dry. So far nothing smells like low tide, and the neoprene has kept up very well.
I personally like the pee in the wetsuit smell, so I dont use detergent. (j/k - never tried detergent - i just wash with fresh water).
Well, at least you go for the "rustic" smell. And I appreciate the fact that you are admitting to tinkling in your wetsuit.
I used to not use the wetsuit wash, but I actually found that there is less "stress fading" and seam cracking in the arms, etc. I guess because it gets into the nooks and crannies and flushes out all of the saline.