I agree with you, Melkor.
It's concretely plausible that it was the prerogative of the Noldor only, mainly due to their natural interest in forging and, after fear and doubts spreaded throughout Eldamar, in warfare. The attendance of Aulë may have certainly influenced greatly the improvements of their overall skills; the brief attendance of Melkor during the merry days of Valinor has probably and indirectly played a significant role too in the development of an advanced craftsmanship (you see, you are always involved
).
As you wrote, the ones possessing those swords were themselves a minority within the minority; with high probability, royal and other authoritative Noldorin figures.
If you are interested in other 'advanced craftsmanship features', it is told that the armours of the Valinor's Host (thus
Vanyar and
Maiar in prevalence) would shine of a holy light during the apocalyptic battles of the War of Wrath, when, presumably, the skies of Beleriand were covered by perennial darkness caused by Morgoth's powers.
Elrond tells the Council, in FOTR, that the light the Host emanated could fill plains and lands. Thus a speculation: magical armours as a prerogative of the troops of the Blessed Realm?
By the way, hilarious smiles shouldn't be your main concern as you tried to slay the Silmarillion once, and I will never forget this