I think it caps at level 47, but am not 100% about that.
Either way a daedric bow is better of you level smithing.
And take the perks, and find the ebony, and..... True.. I agree with the levelling smithing idea.. did it for a few characters. But I decided only to take two perks in Smithing this playthrough (steel and arcane) and leave the others where they lay.