Just wanted to post what we found encase someone else has this question.
We approached this assuming we'd need to manage the switching between BLE and SMAC in our code. The radio on the KW41z appears to be setup more as a peripheral of the MCU where once you correctly setup the registers, the hardware handles the switching for us.
We now have BLE working simultaneously with SMAC, both transmitting and receiving.
Lastly, I wanted to point out that we're pretty impressed with this device. We've used the Segger SystemView tool to analyze the CPU usage consumed by our simple project and see that it's only consuming 2% of the CPU.