Smithing itself is certainly not overpowered; I have a smithing skill in the mid-eighties and it's allowed me to use steel plate to level 35 without either being indestructible or have a glass jaw. I agree that you'll have more fun if you're out there in the world doing stuff, however.
My advice is just to go see stuff. Wander the world and try things out. Skyrim's really pretty cool.


