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I'd have hung onto him, for two reasons: 1) there hasn't been a lot on the waiver wire lately, and there are other random handcuffs and backup QBs I'd have dropped first, so there might not be anyone all that enticing 2) Tamme's still a little unproven and the position is very thin now, so scouring the wire for a replacement could be terrible, and 3) if I dropped Davis, one of the other contenders or (eventually, I hope) playoff teams could've snapped him up.
But yeah, Smith has more value than a 2nd TE, no doubt, unless Tamme gets hurt. I was mainly bummed because I had a bunch of other offers that didn't end up involving hurt guys. It's partially about what else I could have done, rather than judged in a vacuum.