Maybe not exactly what your're looking for (since it's not SMO) but having a look at Entity Framework Code First Migrations might help you:
http://msdn.microsoft.com/en-us/data/jj591621
Changes in the model-classes can be versioned and can either be applied directly to a database or, if you do not have direct access to your database, you can generate SQL-Code for your new version and hand it to your database-administrator.