Furthermore, you lose all of the knowledge of the plans you had learned. So if you had any epics, like say, Hand of Eternity, that's gone.
Any equipping requirements or bonuses requiring Blacksmithing, like the Felsteel set bonus, would also be lost.
Think it over. You might be better off making another character to be your enchanter.
Of course, you'll have to be able to dual log if you want to enchant your Smith's stuff.