Well, admittedly the responses of the OSSN SMTP component are not really transparent.
You said "The SMTP Component itself says that it's connected."
That's in fact a good first result - but to my knowledge the component doesn't verify whether your MTA (sendmail or whatever) is also listening to the port you had chosen.
To verify you may run
telnet localhost <YOUR_CHOSEN_PORT> from your shell.
Please understand that it's beyond the scope of this forum to support 3rd party software or how to get your server up and running, but I'm sure you'll find the right how-tos somewhere on the net.