You only need to record SMPTE to an audio track if you have a tape-based system. Computer sequencing applications (well, the high-end ones, anyawy) handle SMPTE code directly. Well, technically they really output MIDI Time Code, which is converted to SMPTE via a high-end MIDI interface like the Midiman model you mentioned. But it's pretty transparent to the user once the right hardware is set up in the right way. But again, the only reason you need SMPTE is to record a synch track to tape. So if the video work you do involves using VHS tape and VCRs, then you'll need SMPTE. If you can digitize the video, you can work much more readily on it without worrying about MTC-to-SMPTE generation at all.