You forgot one option, flipping. In most smallmouth lakes I fish I'm pitching jigs (Heavy action, 30 pound braid) or dragging football jigs (17 pound fluoro). Even my PB smallie which is just under 5 pounds I flipped in the boat. The inside of a smallies' mouth is harder than that of a largemouth so the odds of ripping a hole in it on the flip is usually not going to happen. Knock on wood I have never lost a fish on the flip. If your going to loose a smallie, it will be one of the times it rockets out of the water 4' and head shakes.
The only time I wouldn't flip them is when I have them on light line or on a treble hooed bait, I will grab them behind the head put them in the boat that way.