Indeed, as answered above, the setup should work and SmartEvent should read the logs from the secondary MGMT (which is also a log server).
Also, Install DB is needed on both machines.
Another useful tip is that if you want to leverage both machines and spread the logs without manually defining groups of gateways that log to different servers, you can leverage the Log Distribution feature. It's a simple checkbox in the Logs page of the gateway object (where you set the log servers) and it will cause the gateway to "load balance" the log servers and split the logs between them. The balancing is automatic so if one server is too loaded, more logs will be sent to the other.
Also, if one log server goes down, all logs will automatically be sent to the other. In terms of capacity though, you need to make sure that one log server is sized to handle the entire estate, if you need to be able to function properly in case one server is down.