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Hopefully this question isn't too far from rrdutil -- rrdutil is the only thing I use snmpd for, so it's somewhat relevant.

my snmpd appears to be listening on TCP port 199, as well as UDP port 161.  Is this normal?  Is it necessary?  What is this "smux" protocol?

Here's a decent overview:

http://publib16.boulder.ibm.com/pseries/en_US/aixbman/commadmn/snmp_v3architecture.htm

And here's the RFC:

http://www.networksorcery.com/enp/rfc/rfc1227.txt

One of the two should provide you with the details sufficient to satisfy your curiousity.

Thanks, that overview is what I was looking for.