ASCII Odd/Even Cipher
Perl, 63 62 bytes

Includes +4 for -lp

Give input on STDIN

oddeven.pl:

#!/usr/bin/perl -lp
s%.%(--$|?$n|$':$&amp;|(ord$&amp;&amp;1?$n:$'))&amp;($n=$&amp;,~v0)%eg;y;\x7f-\xff; ;


This works as shown, but to get the claimed score this must be put in a file without final ; and newline and the \xhh escapes must be replaced by their literal values. You can do this by putting the code above in the file and running:

perl -0pi -e 's/\\x(..)/chr hex $1/eg;s/;\n$//' oddeven.pl