100 smithing will give you flawless with no perks taken. But, there are some daedra lord artifacts that cannot be improved beyond flawless even if you have taken all perks.
Practically (or virtually) all items can be improved to Legendary, provided that you've 100 Smithing and you get powerful Fortify Smithing stuff (including Blacksmith potions (the lesser)/dreughs/elixirs (the best, at least so far I've found), although multiple potion effects aren't cumulative, meaning that only one potion will have effect at a time). Even more, if you find even more powerful Fortify Smithing stuff in the future, you can upgrade again your stuff even if it's already in Legendary level.
Although there are no perks for Leather or Iron, I've my Leather Armor improved to Legendary (+ another upgrade that I did recently), for a total of 474 AR (with all Light Armor perks) out of the theoric cap of 567. And I've also upgraded my beloved enchanted (iron) pickaxe to "Legendary+", too