There are reasons to be patient:
1) If you are too eager for a deal the other GM will sense it and exploit it.
2) Among the targeted players, some could get injured or lose form between now and the end of July. Let the selling teams bear that risk (see Jason Grilli).
3) Our precise needs could change over the next month. Injuries/loss of form, for example, could make it more important to get a lefty or righty for the pen.
Those kinds of considerations generally trump the benefit of getting the guy in a few weeks earlier.
Of course they can. Unfortunately the lack of a high-leverage reliever won't - and you can make a pretty legitimate argument that we could use one from each side. Seriously.
Let's see a show of hands from everyone who honestly feels comfortable with ANY OF Jackson, Minter, Swarzak, Newcomb, Webb, Dayton, Touki, Blevins, or Sobotka in the 8th or 9th inning of a game in late June - much less a game that means something.
They've been "getting it done" to an extent lately, but it's more often despite themselves than it is because they're good. You posted a thread talking about how "regression is coming" yourself - http://www.chopcountry.com/forums/showthread.php?t=9292 for those who missed it.
You guys keep narrowing the discussion to Smith when he's not the only fish in the sea. The point is that if the package AA's currently offering for him isn't enough, move on to somebody else. Call DMGM and offer him Demeritte and Allard for Kennedy and Diekman and $15 million. Call Toronto and offer Wilson and Davidson for Giles. Call the Rangers and ask about Leclerc.
If you land one or two of those guys now, it seriously lessens the pressure to vastly overpay in 3 weeks because Jackson and Minter are still your best late-game options. If Smith or someone else is still available at that point and the ask is reasonable and doesn't include anyone from the list you posted previously, scoop them up then.