Here's a script I threw together that is designed for easy testing of SMD models in the source engine, by using a very simple qc. It reads a given file from %1, so you can just drag an SMD onto it. Here's an outline of what it does:

1: Asks for the directory to output the model to (relative to models folder, ie \player\items\soldier\somemodel.mdl)
2: Generates a simple qc using the specified directory, unless one exists, in case which it skips to step 4 (so this can be used for simple tweaks or quick recompiles/hexes)
3: Prompts you to edit the qc as you see fit, then press a key to continue
4: Compiles the model using studiomdl.exe, and puts it in the correct directory of your current mod as specified by %VProject%
5: Asks for a directory containing textures of the model, in any image format. Can be specified relative to the location of the original model (ie ./images) or a full path.
6: Generates a simple VMT with filenames matching each image, using VertexLitGeneric. Saves the VMTs to your mod directory as specified by %VProject%
7: Uses vtfcmd to convert all images to VTFs, and then puts them into the mod directory as well.

Prerequisites for use:
- Source SDK bin directory must be part of the path variable
- VTFCmd must be in the path variable (I suggest just putting it in the SDK bin directory)
- %VProject% must be a defined variable (Just run bin\qsdklauncher and choose a mod to define this)

You can download the script from http://www.suchipi.com/misc/QuickCompile.bat
You can get VTFCmd from http://nemesis.thewavelength.net/files/files/vtflib132-bin.zip

Hope this is useful to you all! Took me about 4 hours to make, as I was researching qc and vmt structure while doing so.