For what it's worth, and I'm sure this can start a great debate, I allow the
SMF 
processes to take what they need to get in, finish what they need to, and
get out.
I have seen customer sites move SMF out of SYSTEM, and have MANx Dumps run
at lower importance.  I generally recommend giving it all the Buffers,
Storage,
Horsepower needed to get done quickly.  You will have a much bigger headache
if
you are missing any data. That is one path you will want to avoid, if at all
possible.

Now, if there are records that you don't process or do anything with, I
would recommend
turning those off.  Example, do you do anything with the Temporary Data Set
records?
On the backend of the process, look at your Record Retention processes.  Not
all SMF
records need to be kept forever (or even more than, say, 90 days). Your
mileage will
vary.  And remember that there are some that need to be kept forever (that
is, at
least 10 years).  Think AUDIT (that feared term). 

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