I think it's quite practical to surround yourself with smart people without being a famous VC. I've done it. it might even be easier without being famous, unless by smart, you mean "Smart, tall and well-spoken" or "Smart, tall, and able to hold the right kind of conflicting ideas in your head without emotional distress" - which is often what VC seem to mean by smart. I mean, don't get me wrong, a lot of the ycombinater kids I've met really seemed pretty smart, but they also had the social bits you need to be good business people, and if you demand those social bits along with the 'smart' - and you should, if you are looking for business people and not just technical people - those people become dramatically more difficult to find, and when you do find them, they're difficult to be friends with, as you said, unless you are very high status, because they are very high status.
If you just want someone with a high G, though, and are okay with people who are short or shy or fat or who have emotional issues, as you should be if you are looking for people who can become good technical people, G alone does not confer much by way of status in this society. I've hired more than one person who tests two standard deviations better than I do by that measure. hell I've dated a few people who test two standard deviations better than I do.
Now, PG, I imagine, when talking about making investment decisions, probably is talking about "vc smart" - people who are smart, but also good looking, who have good attitudes and who have the other business person attributes, so in the context of this article, you're probably right. but I'm just saying, smart people usually aren't high status people. It's not hard to get smart friends, if you are willing to skimp on some of the status-granting attributes.