Speaking of player comparisons. Avery Bradley should give us hope. His first year of shooting stunk. His second year of shooting was significantly better. But his third year of shooting showed significant and alarming regression. Nowadays he is a very good outside threat all the way out to 3 point range.
AB year1 2pt% 34.3, 3pt% 0, FT% 50.0
AB year2 2pt% 49.8, 3pt% 40.7, FT% 79.5
AB year3 2p% 40.2, 3pt% 31.7, FT% 75.5
AB year4 2pt% 43.8, 3pt% 39.5, FT% 80.4
So if you had written AB off during his regression year, you'd be wrong about his prospects as a shooter. What I find a significant correlation is that his FT shooting stayed at an improved level and his shooting eventually rounded out to match his prowess at the charity stripe.
It's way too early to dismiss Smart considering he has shown the leap in FT% which indicates that his shooting form is improving. Now he just needs to put it all together, improve his shot selection as well, and translate that improved form to shooting in the field.
Sometimes it takes players longer to develop their games. The regression year is alarming, but hardly signals that Smart won't be able to put it all together this early into his career.
AB stats source:
http://www.basketball-reference.com/players/b/bradlav01.html