I would say, when in doubt, check a dictionary.
As for the initial example ("This book reads very well"), that's clearly an acceptable use of the word – as indicated by Collins Def. #7:
If you refer to how a piece of writing reads, you are referring to its style.
· The book reads like a ballad.
· It reads very awkwardly.
As for your second example ("This wine drinks smoothly"), I understand what you're saying, and English is flexible enough to let you get away with non-standard usages like that. However, it's worth knowing when such a usage is recognized by a dictionary, and when it isn't. Collins' entry for drink shows some interesting uses of the verb:
⇒ he drank in the speaker's every word
⇒ he drank away his fortune
but "This wine drinks smoothly" is not included among the recognized, valid uses.
So, here's my bottom-line advice: Know what you're doing. Language evolves; someone has to be the innovator and use the verb intransitively first, if "...and the wine drank smoothly" is to ever start showing up on the pages of restaurant reviews. However, if you use a word that way, you should know that you're using it in a non-standard way, and be sure the context doesn't demand you switch to a more standard wording. You may think you're being clever with the language, but for every reader who agrees with you, there will probably be some pedant dubbing you "illiterate," claiming you don't know how to write. (As an example, there was once a hullabaloo over at ELU when someone – gasp! – dared used the word "fun" as an adjective).
English has ways of allowing someone to turn nouns into adjectives, and transitive verbs into intransitive verbs – but just because we can doesn't always mean we should.