Smithing tables are no longer just used for upgrading diamond gear to netherite. Now this feature applies to the other tiers as well. This applies to both tools and armor. The Lite version has been added to only apply to tools (and weapons), to preserve balance due to a small upgrade cost. Whichever you prefer is up to you. One issue may be that enchantments will not be preserved, nor any upgrades from other mods; Be warned
Tier list
Wood -> Stone [Tools/Weapons] or Leather -> Iron [Armor]
Wood/Leather -> Gold
Iron -> Diamond
For obvious reasons, there's no Diamond -> Netherite tier