Ill put this as simply as i can.
NO!
The reason, its fairly simple, smithing can make 6mods at 100% (have to be lucky)
A smith crafted weapon can theoretically be
50HLD
50HLA
50Hit Spell
30SSI
15HCI
40DI
Or any other combination of 5mods max and 40DI.
An imbued weapon, forgetting the fact it will break, can only imbue 420 points of weighted intensity(i think its 420 DI counting x2)
So, alot less mods, at alot lower intensity.
Armour,
A smith can craft,
20LRC
8lmc
mr2
and 2 resists boosted to over 20 +the arms lore bonus +the material bonus +mage armour!
Imbuer can probably imbue (not really tested on armour)
20LRC
8lmc
mr2
and probably boost the resists of 1, not to the same intensity as smith can craft. Because, Mage armour is a property at 100%, the arms lore bonus is only counted in the resists you dont modify and it cant be crafted from a special material.
So far it seems that imbuing is going to be used more for jewels and bows/boks due to the fact that only 1 type of kit give 100% intensity on properties and a low base intensity.