Two key points.
1. Reid loves to pass the ball. Loves, loves, loves it. If the Chiefs get Alex Smith, Smith won't be protected by the BS game management strategy. He'll sink or he'll swim. While Reid hasn't had the most sparkly history picking QBs, I think he knows the difference between a good one and a bad one.
2. Even if Reid pursued Alex Smith last year, he didn't have the #1 pick. He also drafted Nick Foles.
Not worried in the least. Even if they do get Alex Smith, I don't see him lasting very long.