You cannot do this do Soft Boots because when it is equipped it works as a different item.
When you equip a ring it stays the same item, if you put it in the action bar it will work despite it being equipped or not.
Soft boots acts as if its a different item when you put it on. So, if you want to use "smart mode" on soft boots, you need to have it on 2 action bar spots:
- 1 for when its not equipped
- 1 for when its equipped
Like this: