So...I do need to save it. The one that gave me the Rats error message is now working. So presumably I do have the option of editing where things point to. I'll experiment at bit with that later. I'll stick an erik-experiment tag in to the Smartlink.
Edit - ah no. barking up the wrong tree.
A conclusion is that needs to a space/folder within the Bluemarks that I can use just to store my Smartlinks in - a lot of them on my main blog are fairly inconsequential to me and if I am to use the sidebar for personal bookmarking it will get very cluttered over there. There needs to be a link view and a bookmark view.
perhaps I am making daft judgments here - perhaps I can delete the links and the smart windows will open after a period.
I'll look into it later- I am off to the real world now.