While reading this wall of text, I came across reference:
This puzzled me because until now I thought Holy Resistance didn't exist or even if it did exist, it was always equal to 0. So I googled some topics regarding Holy Resistance and it seems that every enemy gets +5 to all resistances multiplied by level difference between enemy and you (this works only if your enemy has higher level than you). So raid bosses, which are lv 63, have always +15 extra resistances against you. The most interesting thing is that these resistances seem to include Holy Resistance - this resistance should affect your holy spells so they will be resisted more often.There is also Holy, but almost no effects add Holy Resistance so is almost always 0, with an exception of NPCs having level-based resistance to Holy as discussed later.
I haven't tested this yet so I write this post. Would be cool if fellow Smite priests or people who know resistances well, confirm my discovery.
EDIT:
Conclusion regarding Smite priests is that they can have up to +16% bonus spell hit in order to fully increase the chance to hit the raid bosses, they don't need any item that decreases resistance because level-difference-resistance is impenetrable. They will always have at least 1% miss chance though. It's worth noting that in PVP you can achieve the same thing with only +3% spell hit from items.
FINAL EDIT:
Level-based resistance for holy spells doesn't exist! At least in Turtle WoW. It was removed from the game: viewtopic.php?p=27521&hilit=holy+resist ... age%20Scar
It should still be present in other vanilla private servers/Classic though.