Beersmith doesn't tell you mash conversion efficiency, only a total efficiency, which includes things losses. I have asked Brad Smith to change the one field on the mash side to be current mash efficiency (1st runnings if you will) instead of having the efficiency calculated twice to include top-up water. Seems redundant to me, but he wasn't interested in the least. So whatever then.
I made a Google Sheet with these calculations, if you're interested:
http://braukaiser.com/wiki/index.php/Understanding_Efficiency
Most people mash for 60 minutes then move on, if they don't get the gravity they want, they lower the whole brewhouse efficiency % and add more grain. Sure you can do that. I don't, I just mash longer until I get to at least 90% of theoretical maximum conversion. Keeps my beers' viscosity low, which I prefer. In my Grainfather, at 60 minutes, I'm usually looking at around 70% extract conversion, with recirculation. If I give it another 30+ minutes, it's usually between 80-90%. Never waited long enough to see how close to 100% it would get.