Tell me, do the paper guides rub the paper whenever the carriage moves?  I am not too familiar with the SM-series Olympia portables, but there is one Achille's Tendon on the SG-series uprights:  The little clips that hold the transparent card guides away from the paper just about a couple of paper thicknesses.  If these break, and I've had many do that--sometimes when I wasn't careful putting the carriage back on, the card guides will have no space between themselves and the paper.  Again, I am not sure just how it's put together on the portables--though they may be similar to the uprights.  But check the carriage travel to hear if something is sliding across the platen.  It may be that the card guides are smearing the ink from the freshly typed letters.

I suspect the problem lies in the typewriter ribbon your using. Some ribbons which I have bought and used has caused a similar effect on paper just as yours. Try reusing your old ribbon by spraying a little WD-40 and compare the results to check whether the problem lies with the typewriter or the ribbon.

It is definitely not normal that you are able to smudge the ink from the paper several days after. The ink should have dried within an hour or so.

I wouldn't mind a photo of the vibrator to see how you threaded the ribbon. Type quality issues are often caused by incorrectly installed ribbons. You mentioned that you cleaned the "typebars", but I assume you meant the slugs?  

No, the ink shouldn't smear days later. It should dry fairly instantly. How I've understood it, it should dry by the time you've typed your next letter or two but not days or even hours later. 

I've had more smearing from my basic gel fine point pen than from the typewriter ink on the same piece of paper.

Question: What type of paper are you using. Is it by chance glossy? And do you know what type of ribbon that you're using - nylon or silk?

The most common cause of those dots you see around the shapes of the characters is that the type slugs are not sufficiently clean. Ink builds up around the characters and effectively makes them a little wider and this extra width pushes a bit on the ribbon, though not so much as the metal shape, and so it pushes the high points of the ribbon's weave against the paper too, just not so strongly as the metal. Those dots are the high points of the ribbon's weave. # Clean the slugs.

Another possible cause is a ribbon that is stiffer (or thicker or wetter) than it needs to be and so the nearby part of the ribbon gets dragged along when the slugs hits the paper instead of only the character shape pushing the ink onto the paper.  # Try a different ribbon.

It might be that the ribbon is threaded incorrectly or that vibrator is slightly bent, but it is not the case that the ribbon is dragging on the paper. If it were, then you would see smudges instead of those clear dots.

Speaking of smudging, no, your ink should not be smudgeable after a very short time. I agree that the most likely cause is too-glossy paper. But it might also be a poor choice of ink formula (by the ribbon-maker). It depends on whether the ribbon is good quality or the maker just got a deal on some ink that was made for a different purpose.  # Try other papers first, and if it's still a problem, try different ribbons.

HTH and Good Luck!