Hi Louie,
We have a video on increasing the power of your smash for our premium members which discusses some options when the lob is very high and very deep. As you point out if you move back and wait for the ball to drop back down to shoulder height you are a long way back from the table and it's hard to hit a powerful smash. One option is to smash the ball off the half volley. This is risky because it's hard to do but it is very effective when it comes off because it limits the time the lobber has to react. The other option we discuss is the jump smash, or leg-up smash. The main key is to get the timing of your jump right.
We also have another video on the jump smash which might help. In it Alois basically says that it is a hard stroke and moving back is a good option because you don't have to hit a winner, you can place the ball well and wait for them to lob the ball a bit shorter so you can then make a powerful smash.
Let me know if these tips help you out.
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