Hi Martin,
In Smoothboard, you can use the calibration guide to see how to adjust the Wiimote to get the optimum viewing.
About 40% should be fine.
Okay, then I feel a little bit releaved. Most sources say you have to get between 50% and 75%. But if you say, 40% it is, then I am fine with it.
At what angle are you placing the Wiimote?
I pointed the wiimote directly at right angle towards the TV set. However, I have no idea how to do this with a real presentation, using a projector. As you can imagine, in that context I cannot place the wiimote 1.5 metres in front of a wall.
I noticed that you are using a TV set. From my experience, using a large glass/reflective LCD screen or even CRT screen may reduce the sensitivity of the detection of the IR pen.
For this screens, I will recommend to place the Wiimote at a more acute angle towards the screen so that the Wiimote will be able to capture the side of the IR pen when clicked. This will cause a reduction of the tracking utilization but because of the smaller size of the screen (compared to a large projected screen), the effectiveness of the setup should be sufficient.
I will give it a try.

You should also check your IR pen to ensure that the emitted infrared is bright enough to be detected. To do so, you can check with your mobile phone camera.
I have checked that already. Everything seems to be fine with the IR pen.
Best regards
Martin
PS: Off-topic: I send you an email, too. Is there a way to toggle the floating toolbar with the second wiimote?