Hi Claus,
Nearly there. I didn't realise that your nfs clients were also DHCP clients. It seems that DHCP leases given by SME are not added to SME's DNS zone files. That's why you're seeing access denied errors (because tcpwrapper is doing what it does- checking the nfs request originator by doing a reverse lookup on the IP address). Where are your DHCP leases issued ? (which machine).
If the leases come from SME then need to check the rest of the forum but I think there are posts related to DHCP leased addresses not appearing in DNS. In general, DHCP and NFS clients don't mix well because tcpwrapper will always give this problem when your client IP addresses change. If possible give them static IP leases so that each MAC address is always assigned the same IP address. Then add them as hosts in Server Manager -> Hostnames & Addresses.
Your /etc/exports line is incorrect though. I can see how you got there but if you want to export to those four IP addresses only, change it to read:
/home/e-smith/files/ibays 169.254.0.5/24(rw), 169.254.0.6/24(rw),169.254.0.7/24(rw),169.254.0.8/24(rw)
Damian