If you have bought a site licence, just install one copy of WordSmith on any shared drive accessible by all your users. Follow the instructions at
the wordsmith7.ini file
This file is in the folder where you installed: in it you will see a section which allows you to specify exactly where each user should save their preferences headed [NETWORK]
(drive M: is to be used when running on the network as it's one any user can write to.)
instructions folder=L:\English\WSmith instructions
(when you run the software in a teaching session, you will put the instructions in that folder.)
When a new user starts using WordSmith for the very first time, WordSmith will notice that it is running on a site-licence version and read the "network-read/write folder" information above. It will then try to automatically create the folder you have specified above (in theory you shouldn't need to do it yourself) and copy the various .ini and other settings files over from the folder on your server where the WordSmith program is, to that folder. Your life as an installer will be a lot easier if the drive and folder you specify is truly one your users can write to!
For networked drives, because of a Microsoft security update involving HTML Help files, WordSmith will copy the wordsmith7.chm file to the user's Windows-allocated temporary folder.