I've been all for acquiring Smith at a discount since Dumars made a mistake paying so much for him and then playing him out of position at the 3.
As you've alluded to in your post, you would play him as a backup 4, but that's way too much $$$$ to pay a backup and a huge imbalance having over $30 million invested in one position and even more when Love gets paid in his extension.
Now if we ever acquired Melo or some other huge difference maker and scorer at the 2.3 or 5, Smith at a discount would be worth it.
I'd love to have the Oak Hill gang together and add Asik to that group.
A lineup of Rondo, Green, Melo, Smith and Asik would be a lockdown, smothering team.nWould just need a couple of shooters to balance the team.