Guys, Smith has actually debunked this rumor personally on a posting at his viewaskew.com messageboard a LONG time ago, back in like, 2000 or 2001. Something like that. He had neither the time nor the inclination to do it. He makes references to the movies in his movies--but he's written a couple essays that happen to mention he's not really that big of a fan of the movies anymore. Wasn't really all that interested in them even before Lucas Special Editioned em. He thought Phantom Menace needed work, but he was busy writing and directing his own movies. He simply didn't care enough about the movie either way to want to put in the time to re-edit it.
Besides--he's not even really an editor. He's a writer first, a director second.
And he wasn't put in the "directors influenced by star wars' Because his films aren't really influenced by Star Wars. There's jokey references, but that's not an example of "influencing" Smith has gone on record saying his influences are Richard Linklater and Spike Lee. He doesn't really try to make movies like George Lucas, and it wasn't Star Wars that inspired him to start making movies--it was "Slackers."