Well you don't know what i'm levelling in do you. I don't smith, but why would smithing give you an edge when it's a noncombat skill. If you just level up smithing you won't have an advantage in combat.
If you didn't overpower your gear by pushing Smith/Enchant/Alchemy, how are you walking around in Master one-shotting everything?
I'm lv39 on Adept, and about the only thing I can "one-shot" is the unscaled basic mooks (you know, just the basic "Bandit", "Forsworn", "Wolf", stuff like that.)
Mid-level guys take at least a few swings (they're not much of a threat to me, of course), and the higher level dudes, and boss-types require plenty of attacking and use of potions/buffs/etc.
Of course, I haven't "maxed out" anything. Highest skill is 1-handed, at 80. And I've only got perks partway up the tree - other ones seemed more important, and the upper level ones seem kind of boring and minor in that tree.
Oh, I'm playing a sword&board, light armor, scout/ranger. (Some stealth & archery, un-perked, for scouting and that opening shot; Bit of Smithing & Alchemy for support; Lockpicking, Restoration; One-hand, light armor, block)
I've not been making any deliberate attempt to "gimp" myself for more difficulty - just playing as seems natural to me. But then, I've always been a fan of wide/shallow skill bases for characters - the archetypical "Jack of All Trades, Master of None".