I love smithing and I have a couple run-throughs with maxed out gear. However, I whole-heartedly agree that it can be extremely fun to play it through a bit differently. I am playing a scavenger/miscreant type at the moment, who just grabs gear that looks like it might be better than what he currently has. Slaving away at a smelter or grindstone would be too much like work, and if he wanted a dayjob, why become an adventurer? Current gear is Orcish armor (untempered), Helmet of the Old Gods, Steel Plate Bracers of Archery, Hide Boots of Extreme Stamina, and Elven Shield of Waning Magic. I couldn't temper most of it even if I wanted to, because I haven't spent perks or gotten smithing high enough to improve magic stuff. I just successfully fought two hagravens and a briarheart at the Bard's Leap summit word wall, and having untempered, unmatched gear didn't seem to be too much of a handicap.