If he can get consistent minutes he might have an outside shot at 2nd team, though it'd still be a long shot. Looking at the recent history of the award, I don't see any rookies ever winning the distinction. Also, playing on a good team helps a lot: lots of the players who are stars or specialists for the high-profile teams (Bowen, Battier, Allen, Beverly, Butler, those types).
When Bradley was named 2nd team the Celtics still had Pierce and Garnett and at least made the playoffs. Actually, Bradley himself is still competition for the award, especially since they play for the same team and are both guards.
If not this season, Smart should definitely be an annual contender for the distinction in the future. Team success definitely affects the coach's voting, however.