Hi Mylo,
yes, you are correct. That's why I said Smith 1 would be naughty to do that. However, if only Smith 1 and 2 meet, after Smith 3 is safely gone in the time machine, much less damage is done, as both of these gents are "extra" Smiths anyway, and know about the loop.
I have been having more fun with this and have thought of a few more possible outcomes:
Smith 3, without meeting any older Smiths , just decides not to go. (As this is the "present" moment that starts off the loop, I feel this is possible) He lives his life out in his own time. Smiths 1 and 2 still exist, also in his time, at different ages. This stops the loop as no more Smiths are created. However it is possible that only the very first Smith 1 has the option of not going; all subsequent Smiths may be "locked in". (Opinions please!)
Smith 3 dies before his 50th birthday, before he can get into the time machine . Is this possible? No I think not. Because he has already reached 50 before so that is already fixed .
Smith 3 does go but gets bored watching Smith 4. He gets married and has two children, Littlesmith3a(m) and Littlesmith3b(f). These children should not exist.
Smith 3 dies after his 50th birthday . So he doesn't get to see Smith 4 get into the time machine. Does this stop the loop? No. But it means that in his own time Smith will have completely disappeared when he is 50.
Can anyone think of any more?