I have 100 smithing,alchemy and enchanting and you need all 3 to maximize all armors and weaps.
you can make potions of 100% smithing bonus and wear 4 pieces of smithing+25% gear.
You obviously need enchanting maxed to make the smithing gear.
You need maxed alchemy to make the smithing potions and to make the +30% enchantment bonus potions.
Then drop it all on your favorite Daedric weapon since these are the best in game.
Make sure to Dual enchant the weapons and armor pieces as well - 4 pieces of +40-50% bow damage/1-2hand gear is quite nice.
Pop a potion of 100% bow damage/1-2 hand or 150% destruction damage when needed.
And top it all off with poison if so desired.
I hit level 62 today and can basically steamroll thru all content on Master Settings. I am nearly invincible in my Dragon Scale light armor, sneaking for 1 shot bow kills on most things or just whacking everything in the face with my Daedric mace of 31 life absorbsion/51 firedamage.
To answer you question - yes, it does affect the base stats of all armors and weapons. Perks further enhance these bonuses. My light Dragon Scale armor gives me over 1300 AP with my current perks and skills.
My bow does 2000-3000 damage with the 3x multiplier. the mace hits for 650ish or 3800ish with the 6x sneak multiplier. I have not tried any 2 handed weapons - seems overkillish ? lol