Point...

'Be smart about it' means to think about something before you do it, or make a logical decision, so it can have the sense of 'being more careful/cautious', yes.  The idea is 'think first, then act',

'Point taken' means to accept somebody's comment/point/argument/rationale. 


So here Clark is basically saying "You're right, good idea. I'm wrong, I wasn't thinking clearly."

Madhulk

Oliver to Clark after he saves him: If you hadn't ran off,
you could've picked your own name. You don't wanna play for the team,
that's fine. Be smart about it. Meaning to be more careful?

Clark: Point taken. Meaning "I've learned my lesson and be more careful"?

I don't know if it's a typo by you or a mistake in the original, but 'ran' should be 'run'.

Hah, at least that's a relatively minor error!

Sometimes the subtitles aren't even saying the same thing as the actors.

Try listening to something that's dubbed, with the subtitles in the same language as the dubbing.  It's like two different sets of scripts.

I bring this up, because I just had this experience last night...