I think it's fine in solo queue. The red smite is really useful on tanky champions as it is like a mini exhaust. The problem is that if you are sticking to the meta, which a lot of people do, toplaner's run Teleport so they can make an impact in other lanes and have more map control come lategame. If you still take TP and Smite, you are left without your mobility summoner which has a plethora of uses and Flash really is the strongest summoner in the game purely because it has so much utility. Some champions who have pretty good mobility can do the Smite/TP combination because they can escape ganks if they get caught out. Hecarim and Shyvanna are the two most prevalent because of their high MS and gapcloser ults that can be used to escape in bad situations. However, some champions would be sitting ducks if they were to push in to the enemy's tower, as a jungler or midlaner could easily help to lock down and kill you.
Now. I am a big proponent of using offensive summoners in top lane in conjunction with Flash, particularly if you are a lane bully like Darius or Riven. They can make short work of champions with their all ins with ignite. Teleport has more utility, but if you just want to dominate your lane and get fed to carry a game, I say take Ignite. A few champions I think can do the Smite version of this, but they are more situational. Tanks/bruisers that can build Cinderhulk and can hold their own in a 1v1 can definitely use smite toplane, the combat active on red smite is great and you can invade jungles all day. Cinderhulk is the best scaling jungle item and it is the one I would use in most situations.
The other option is Warrior on Rengar top lane. Jump on your lane opponent and use the bushes to your advantage. Use smite on them for all ins, and roam the map after you push your lane. It is a cheap ball of stats that work really well on Rengar; AD CDR and Penetration are all stats Rengar loves. You can build another Brutalizer into Ghostblade and a LW to have an insane amount of Penetration to burst down squishies. Teleport on Rengo is really good too, but Smite allows you to duel almost anyone. Again this is situational and there may be other champions who can use the Flash/Smite with Warrior (maybe devourer?).
Anyway. Using smite in toplane is usually your best bet. Other lanes don't like the jungle items or would rather have Ignite, Heal, Exhaust, Barrier, or Cleanse depending on the champion and their playstyle. It works in solo queue pretty well but people get a little pissy if you don't have the meta approved Flash/Teleport (barring Hec and Shyv). Good luck out there.