I don't think Wallace is a far better receiver and I don't know about multiple 1000 yard seasons given the decline we saw from him in the 2nd half of the season. During the 2013 season Torrey led the entire league in receiving yards at one point of the year with 629 yards, I don't think Wallace came close to even sniffing that. The only person who pass him during that stretch was Calvin Johnson and that was due to his legendary 329 yard game.
He was on pace for a monster year but lost steam due to things that were not in his favor such as ineffective QB play(Courtesy of the sub-par talent that surrounded Joe), an awful run game, and absolutely limited receiving threats. It was a dreadful offense and I don't think it's even close to as bad as what we saw this past year from this offense. It honestly makes this years offense look elite. Even with that, Torrey was killing defenses backs and coverages as literally the only receiving threat, even looking back on those games, while Torrey saw a huge drop-off in his production, he was still able to pull coverages deep and over the middle and give guys like Jacoby Jones, Dennis Pitta and Marlon Brown plenty of 1v1 opportunities.
I don't think the offense was a perfect fit for Torrey, I think he was effective but the numerous slant/crossing patterns don't play up to his strengths, and I honestly feel the same way towards Mike Wallace, I don't think the offense is best fit for him either because he's not consistent on those routes either. I feel that in a different offense we could have seen a much better Torrey Smith, maybe we see a better Mike Wallace too.
This is not directed to you, but I always wondered why Torrey caught so much flack here. He's not a super-star WR, but he's a good receiver and still is the only drafted receiver in franchise history to have a 1,000 yard season.