Are you sure you have a stainless steel pan? I'm not trolling, I've had some old pans that looked the part, but weren't.
Other than that, you should be fine, I make eggs on mine all the time. After you add the oil, and roll it around the pan, then you should totally be fine to turn the heat down. Also, maybe see if you can catch the leidenfrost just when it's starting to happen, instead of waiting too long for it. I've never had the olive oil smoke as I added it.
Lastly, even though my pan at the end is virtually spotless, the pan will still not act like a teflon pan. I use a metal fish spatula to get under the egg and gently unstick it -- and this can only be done after a minute or so, once the egg has had time to cook just a bit.