I'm retired and draw only small amounts of cash out of my investments.

I have some recently inherited accounts that have Stepped-up basis that currently show losses.

I also have some long held accounts that have taken hits recently but still have good long term gains.

Would it be Tax Smart to sell some long term winners and also short term losers to offset capital gains?

I would probably leave the proceeds in the accounts and re-invest when I think we have bottomed out (or just past the inflection point).

timing the market is usually a losing game

But you could sell your down stocks to capture the loss to offset the sales that have gains then immediately buy the stock back essentially resetting the stock to that price with the left over amount

Isn't that a "wash sale"?  Would that work to reset the basis'?

yes 30 days is a wash sale limit, plenty of ways to game that.  buy a similar stock or fund holding the stock that was your original stock or just wait out the 30 days or just take the comment of immediately buy back in the stock to mean after the 30 days have run

Wash sale is 61 days - 30 before and after the date of the sale.  Also to the OP, the answer to your question depends on what you are trying to accomplish.  Do you have other investments that you would like to get into but no funds?  In that case selling for a loss to free up and use that cash makes sense.   Do you have an unusually high tax liability in this year?  If so, tax loss selling is one tool to mitigate that.  In other words I wouldn't make trades just for the sake of making them, if selling something will put you in a better position, as can be measured any number of ways, the I would consider doing it.