After watching this last episode 3 times i started thinking about the role of this woman and how did she know so much about the island. And the answer came to me in the scene where she was sitting with Jacob offering him to drink the wine. She tells him never to get inside the light cause he will become something terible, even worse than death. How could she know what will happen if someone enters into the light? She has already tried it.
We can see that there is some evil and craziness inside her, she killed the real mother of JAcob and MIB, and also killed all these people from the village where they were digging to find the light. How could this woman kill all of them and make this mess?
So i think the first person who become the smoke monster is her, then she realized what this light can do to people how evil and greedy they can become and decided that noone else should ever find about this place, and she found Jacob to do this job after she was gone.
Some other scenes that can prove that, are the moment she died. MIB stabbed her with the knife before she could talk to him....remember what Dogen said to Sayid when sending him to kill MIB(smoke monster), he should stab him in the chest before letting him talk. She also had a sense of knowing things without being there, just like John Locke(in ep The candidate) knew that the submarine was sank and some people survived without being there.