Thought I would share my smithing achievments with my last character, a grey elven weaponsmith, before she was crushed to death by her own gear.
I was hoping to go further but I was quite happy with what was crafted. These items were achieved mainly from melting down gear along the way.I also used the ant nest in the little dog dungeon and let the ants mine out about half the level. I did a bit of mining myself on the Arena level which helped to restock my food (thanks Gut for that suggestion), however I did not have mining being an elf and my pickaxe kept breaking.
I used a leather apron, eternium hammer and the forge in dwarftown. I teleported the smith in dwarftown out of the room and lured him off the level afterwhich I could use the forge without being charged and without the annoyance of being interrupted by random critters. Also, all of your smithing gear and anvil can be stored in the room. All you have to do is close the door (the dwarves wandering about don't open doors).

When I died I had DV: 85 PV: 40 on normal tactics settings.

I would be keen for others to share some of their smithing masterworks

He: blessed eternium cap [+6, +10] started as [0,+4]
RH: blessed mithril long sword of penetration (+11, 1d8+8) [+2, +0] started as (+2, 1d8+2)
Gi: blessed adamantium girdle [+7, +8] started as [0, +3]
MW: blessed light crossbow of accuracy (+12, +10) {iron} started as (+6, 0)