If I were to season a cast iron pan by rubbing it with olive oil(smoke point of 350F to 410F) and putting it in the oven for a while at 340F to create a patina, would I be able to later on use that pan in the oven at 550F? My thought is that the patina might smoke or something because 550 is so much higher than the smoke point.
It sounds like you need to better understand the process of seasoning your cast iron. What you are doing when you season a cast iron pan is a two part process of polymerization and carbonization. Done properly, the second step, called the carbonization stage, requires that you apply heat slightly above the smoke point of the oil. Once completed properly, you should have a non-stick surface. You can use your pan in a hot oven. It is possible to destroy the seasoning of your cast iron. See this as well. However, in a 550F oven, with food in the pan, I doubt you will reach the temperature necessary to destroy the seasoning.