The problem with thymol is that it is toxic to humans too, yellows paper, and evaporates out of paper so it is only a temporary solution, with potentially serious drawbacks.
Some recent literature mold and how to deal with it:
From Canadia Conservation Institute -
TB #26 Mould Prevention and Collection Recovery: Guidelines for Heritage Collections
Sherry Guild and Maureen MacDonald
Mould infestation in heritage collections can damage artifacts and may pose a health risk to individuals who work with these collections. This Technical Bulletin presents information on mould morphology, prevention of mould growth, actions to take should mould occur, and health effects relating to mould exposure. It informs the reader how to remove mould growth from artifacts and it describes the appropriate personal protective equipment to wear when working in a mould-contaminated environment or when working with mould-infested artifacts.
Price In Canada: $20.00,
Other Countries: $25.00
paperback, 34 pp., 2004
ISBN: 0-662-35932-1
Code: 0301
The Western Association for Art Conservation's Sept 2005 Newsletter, Vol. 27 Number 3 has a large section on mold - its cause, containment and removal, disaster preparedness and wet salvage. It can be ordered for $10.00 from them
http://cool.conservation-us.org/waac/othpubs.html
Thymol isn't recommended as a deactivation treatment - drying is.