Shea, a problem I've faced quite recently is that there are few 'regular' TVs anymore. Most have some 'smart' functions anyway, even at the entry level, and as you go up in picture quality, the features come along whether you want them or not. That said, you'll likely end up doubling-up on features between a TV and a blu-ray player regardless. Here are some thoughts and a recommendation:
1) The more complex you make something, the more likely it is to break. And if it doesn't break, it is more difficult to use. If your intent is to use the 'smart functions' to view content (e.g. Netflix, YouTube, etc.), all but the 'entry level' of TV or Blu-ray anymore will have these features. The basic Blu-ray function will be basically the same unless you get to much higher priced units. I find the functionality added to a DVD/BluRay player is a bit easier to get to than a 'smart TV'.
2) The difference between an entry-level Blu-Ray and a well-appointed 3D BluRay with apps is about $50...not much of a difference in absolute dollars but it does represent a fair percentage of the cost when the basic blu-ray is $50 or so. The difference between an entry level TV without 'smarts' and a 'smart tv' with the same functions will cost a bit more than $50. However, this price increase will come along with better video processors, etc., so it might be worth it to you.
3) The term 'smart TV' means different things to different people. There are many other features besides content. Smart TVs may 'learn' about your viewing habits and may have suggestions for you that you may have otherwise missed. So the higher-end 'smart tvs' adapt. Not that that's necessarily a good thing...just watch the movie 'Click' for the downside :-)
4) For the reasons noted above, I'd start out writing down what you want from your 'system', then identify the TV that meets your minimum quality requirements, look at what 'smart TV' functions it has (if any), and decide what Blu-Ray fills in the gaps. Then look at the 'smart TV' that already does everything. Go with the least expensive path.