I'm having the same problem. Here's how I'm tackling it.
I log in as myself (an account with lots of privileges). I setup a SQL trace to observe activity against the SQL server (from me only), then pause it. I get the Smartlist to the point just before I will activate the lookup, unpause the trace, then click the Smartlist. Once the Smartlist has run I stop the trace and start sorting through it for SQL stuff.
Yeah, it's a bit tedious, but it works!