Yes, but one would not need to autoattack often. You would only use smite in a somewhat extended engage and the benefit isn't just the burn proc, there is the damage reduction which would be rather significant in said situation. Zac should be able to weave the AAs, methinks; it only requires 2 to get the full burn.
I'm not saying I'm sold on the strategy with this however, I would need more calculations on it's efficiency, which may not even be possible.
But why not?! Give it a shot before Riot removes it.