I always leveled my Smithing skill with Jewelry anyway, specifically jewelry with gem settings. The rate at finding gems balances out the smithing progress so that I can smith at every opportunity, but it won't overlevel. Which helps early on to avoid fighting Marauders and Arch Necromancers without any combat skills to match, and helps later on preserve a little bit of the challenge that is lost when you posess a Daedric Dagger than can bring down an Ancient dragon in 6 seconds.
Same here: Level 53 with my third character and smithing is at level 93 now. (Although I gotta admit I trained the combat skills I didn't use in order to max my level, probably gave me 2-3 levels)
Also I would like it, if they made the smithing skill increase dependant on how often you've smithed an item as well as the value (the recent change). But I don't know if it is possible to add a script like this without SKSE.
On another note: Is patch 1.5 out now? If so, I need to go to offline mode with Steam until the new version of SKSE is out.