If you start Wowza in stand-alone mode [wowza-install]/bin/startup.bat|startup.sh, you will be able to view the server output in the console window.
This will give you information about any issues you may be having. Take a look and see what the server is reporting when trying to play one of the transcoded renditions.
The Wowza Transcoder templating system also provides a more convenient method (instead of the .smil file) to group streams together in logical groups (called "Stream Name Groups") for live playback. These groups are defined in the template and are available using the ngrp: stream name prefix for adaptive bitrate delivery.
Please let us know what you find about this.