I was looking at getting brewsmith stuff to help me as well and I decided that it wasn't worth it. There are plenty of great recipes (both all grain and extract + speciality grains) out there and a few quick searches will lead to free stuff on the Internet that more or less mimic exactly that it does. Honestly, to develop great recipes I would get 2 books,
The first is "The Complete Joy of Homebrewing Third Edition" by Papazian (amazon link:
http://www.amazon.com/gp/product/0060531053/?tag=skimlinks_replacement-20)
The second, once you are about 8-10 batches in and have the process down is:
"How to Brew: Everything You Need To Know To Brew Beer Right The First Time" by Palmer (amazon link:
http://www.amazon.com/dp/0937381888/?tag=skimlinks_replacement-20)
I have found that with these two books, it's far better than any software that I could have and packed with more information than is even remotely useful, though it gives you something to talk about endlessly at parties.
Disclaimer: I am not affiliated at all with any of the above authors or publishers, I do however believe that these two books should be in the library of any home brewer (and most likely are).
As far as over-doing it, I do it all the time and it produces excellent to indifferent results. After reading the books, I have yet to produce a truly bad beer. Basically, get the books, read some of it to get an idea about what you want to do, and ask people on forums and message boards.