SMPTE needs to be generated or striped to tape (old days) so need a generator that was sometimes run in sync with in house sync (broadcast house mainly)
Then a console reader or other sync unit could lock to the code. MASTER > SLAVE or a jam sync variant.
MOTU units used to have a generator and could sync to a unit...
I thought the OP wanted to use with large format console (usually a vintage console).
Now if not interested in using older tape machines, why bother, if using a DAW, there has to be a better protocol than 127 steps of midi also.
I think that at this point if you could generate something more like the newer Beringer xcontrol.
Klark Technik or say a mackie hui those protocols are moderately improved based upon 1980s technologies... not ply time reference and fader positioning but what the fader is going to do,, read write its time position based upon the timeline.. if it can be switched to use other functions, say a plug in..
I know they updated Flying Faders with a new module to do something like this but not that advanced as I think it was still a MIDI implementation .