Maybe.
So I did some quick matches, and CTF looks great...
...I like how the Hooded Person displays by team color.
Though not so much CTF4...
...which is disappointing.
The reason why I thought it would work is even normal Deathmatch allows for 4 teams, but SmartDM seems fixed on 2 teams.
Actually, I haven't tested it for 4 teams under Deathmatch yet...