Had Smith won and had he presumably followed a similar course as Hoover, it still may have resulted in the GOP moving leftward for 1932 and perhaps nominating Hoover for a rematch (for which Smith would’ve almost assuredly lost). Hoover, of course, would’ve proceeded to exacerbate the problem (as FDR did), and we might’ve faced an even more frightening scenario for 1936... Governor/Senator Huey Long as the Democrat nominee.
Hitler, Stalin, Mussolini, Long.