I've had an sms-1 for about a year, and admit to not spending nearly enough time tweaking with it. To my mind, the ability to monitor the effects of changes- not just eq but also sub placement, phase, x-over, moving of giant peices of furniture ,etc, in real time, is just as if not more useful than the eq itself. My sub is an entry level def-tech (an ep400 is in my future) so I suspect i'm not fully utilising the sms. It did make setting the sub level easy, I don't know if it's right but it was easy.
If you're not gonna graph your room manualy I think the sms should be your first step. That way you know what you've got before you start and every step along the way.