Its really just important to understand the security SMS requires between its services and the SQL database. Microsoft suggests keeping the SQL database on the SMS server simply for performance reasons (i.e., SMS is in constant contact with the SQL database for updates, changes, monitoring, etc.). A lot of companies choose to move the database to another server, or install it on its own server during the initial installation, and it works fine.
SMS does fine-tune the SQL server services during installation to get optimum results, but being a dba you can probably find those performance modifications and duplicate them at the new location.
Probably the best resource for SMS, other than the MS site, is myITforum.com. Your primary issue is going to be keeping the required SMS security intact.