Yes, your D-link firewall/router will propably be good enough whether you use Mandrake, RedHat or SME server.
Actually some refferences for firewall/gateway design claims basic rules like "never run a web server", never run a "frp server", etc on a firewall gateway. The SME server breake most of these "rules".
But, for a home server or small business use, the SME server or the D-link might give proarly and enough security.
Personally I have used the sme server as server only behind a netopia router for approx 3 years now, without a problem.
If you set up a Fedora, a Mandrake or a SME server behind the D-link firewall/router it might still be a good idea to apply a "local firewall" at the Linux server. Personally, I use that, but I have to admit that the reason for this might be more the fun of designing a firewall on the Linux box, rather than the real need for a "firewall behind the firewall". But, ofcource a "multilevel" security is a bether choice than the "single security level" but possibly still a overkill for a home server.
I think the greatest risk of getting hacked using a SME server or any other Linux distro is if you have nett access for ssh logon and weak passwords. Misconfigurered servers could be an other actual problem area.
I guess that the SME server set up as "server only" with or without another "local firewall" in most cases will be more secure than a Mandrake or a Fedora. The reason for this is that the basic configuration of the SME is a lot bether than you in most cases and in real life will be able to obtain doung a "manual configuration" of the Fedora or the Mandrake installation.
If I should recomend a installation with best possibly security I think a SME server behind the D-link router/firewall and with a aditional "local firewall" will be a goog choice.
I have also tried to use Fedora for periods, but the Fedora installations has produced a number of errors, mostly due to "not good enough configuation" whils the sme server installations have runned without a problem.
At the moment I'm using a sme "server only" server behind a Netopia router and one other connected directely to internet with an external ip. I'm using "local firewalls" on both of them. The first have runned approx 3 years without a problem and the other ca 6 months also without a problem. 3 moths of Fedora gave quite much more problems than 3 years operations of the sme server.