There are many glyphs for each way, atleast 7 for each way are planed out now, and more could be added later. For example, Fire is a glyph of the red way already available, while Lighting is a red way glyph that is planned for but not fully implimented. In theory if you had both of these glyphs you could try to combine thenm to make a powerful Red way spell. Keep in mind that only glyphs of the same way can be combined, as the powers needed to combine glyphs of different ways are beyond current mortals.
Crafting, of which smelting is a part, has been in process for a while now. It will be available as soon as possible, however fixing current bugs thakes time away from adding new bugs. I mean features.
You will not need magic to smelt, and infact the effect of magic on crafting might be beyond mortal spellcasters as well.
Oh, and glyphs that are available now from quests and NPCs should be perfectly usable.