I just got a new longbow and the leather grip on it really stinks. It almost has a kerosene smell to it. Looking for advice on what to clean it with.  I'm thining saddle soap, but thought I'd ask here first.

Saddle soap comes to my mind first as well. I am pretty sure Tandy has some cleaners. Maybe on their website. Do you have a store nearby?
Wonder why the smell? What kind of leather?

I bet it would be easier to replace than to clean.

Maybe try rubbing in baking soda?????

When mine gets stinky I replace it.  The process is fairly simple.  

1) Make a template.
a1) Wrap grip with Seran Wrap.  
a2) wrap that in masking tape
a3) carefully cut up the seam line and unfold it

b) take off your old grip and use it as a template

2) cut a new set of leather with an extra inch or so on both sides of the seam to leave area to clamp with

3) prep the surface of the grip by cleaning it free of dirt, grime, oil, etc

4) use contact cement on bow in grip area and leather

5) wrap tightly around grip starting on the string side, pulling leather tight to conform to the contours of the bow

6) clamp it together at the seam area with some binder clips, clamps, whatever and wait for it to dry

7) trim off the excess from the folds where the clamps held it into place and taught

8) Stitch it back together to make it look finished.