SMP means symmetric multi processing; it's just describimg a computer thqt has more that one CPU (or these days, more than one core). If KVM requires specific hardware virtualization support then you won't really be 'porting' it, you'll be rewriting it from scratch.
Now some questions for you so we can try to answer you questions better:
1) What is your experience level with C and ARM assembly?
2) What is your experience with low level programming?

+john