You can still enchant your armor with no enchanting perks, it will just be weaker.
Oh, didn't know that, thanks. Although, with Enchanting the enchantments would be 250% stronger for skill enchants (100%, 25%, double).
The perk investment required really isn't a big deal unless you play a very unfocused character.
I intend to have one character because of time restrictions and unwillingness to do the same quests again. Am around lvl30 now, got all basic perks I wanted, and need to make a plan for last 20 levels (or a bit more).
It's not that I have a shortage of perks right now, it's just that Smiting would require investment into other areas too, namely, light armor, and possibly enchanting, and then I kinda run out of perks fast. Let me show you the core that I currently have (a combination of efficiency and RP):
1. Alchemy (11 perks, all except Experimenter and Purity; so far I don't need Purity).
2. Pickpocket (4 perks, to include Poisoned and Extra Pockets - Poisoned because of assassination style mostly in towns, and Pockets really really make gameplay easier)
3. Sneak (7 points; I don't need more than 1/5 in first perk, and I'm not yet sure whether I'll get Shadow Warrior and Assassin's Blade - probably, but I don't seem to need them right now)
4. Archery (5 points, only in Overdraw)
All in Health. No Stamina or Magicka so far.
As you can see, the core is quite focused. 27/50 perks used. And now I need to decide what to do with the other points.
Candidates:
a ) As bow is my primary weapon, you might ask why I didn't invest more into archery. The reason being that Critical Shot did not seem that spectacular. I dislike "luck" skills. Overkill matters too, if I use a poison and critical hit occurs, I probably did overkill, so in reality the increase in damage will be less than theoretical... 30% I believe. Other Archery perks seem to have anti-synergy as well. Stagger doesn't matter with Paralysis and vice versa, especially when I decide to use a potion. But Stagger might be good with +30% faster firing rate, if it allows me to hit someone x2 before I have to run for cover. Unfortunately I need to test this via console.
b ) Light Armor + Smiting + Enchanting for Dragonscale. It's the only armor I can visually tolerate, minus the helmet which I'll have to replace with some I like better. Yes, I've been fighting in clothes so far and with stealth it's not a problem. I've tested armor with console a bit and a guy with two-handed weapon can take half of my health in a single hit - when I wear generic heavy armor. It doesn't save me, just wastes my potions.. But I'm considering this because if I use only one character I'll probably want to play more with followers and not always solo, and if I'm not solo stealth isn't my armor.
I suppose I don't have to use Enchanting but I'm going to feel so crippled.
c ) Other. No idea, I've experimented with 2H, 1H+shield, dual wield.. but Master difficulty quickly shows the weakness of "trading for hits" battle style. Perhaps I'm missing something, but melee in this game really does turn into hit exchange. It just lacks tactic. Melee in Mount&Blade is much much better (as is horse riding). At least sneaking around and ambushing NPCs is more.. atmospheric and immersive.
d ) Necromancy. I really wanted to enjoy this side of the Conjuration tree but it has so many problems.. namely, anti-synergy with a stealth char but even without that, the fact minions don't follow you through door, their too short duration (unless you're a Nord berserker they expire before you reach the next enemy unless you spend no time looting), and their bad AI (bodyblock me in narrow places, they get lost, they are slow to enter combat, they search for weapon..).
Tips are welcome.