In the Layout menu, there is a flyout for Smart Mouse On and Virtual Guides On. When either of these features is ON, a checkbox appears to indicate that the feature is activated.
I have customized my menu bar to include Smart Mouse On as an icon. When the cursor is hovered over this icon a text notice Smart Mouse On (F9) appears. This text notice always indicates Smart Mouse On regardless of the current state of the Smart Mouse.
Please make the icon text box aware of the current state of Smart Mouse like the Visibility Mask tool icon which displays Add Visibility Mask or Remove Visibility Mask depending on the current state of the object selected.