RookieDev Time stamp prevents it executing both actions on same tick (game cycle) I find this usefull on many occasions. Maybe there is other ways of doing same thing but this is one I know. You could try disable "inv_sheet time_stamp < Time" and change order of events 3 and 4 to see what happens.
Smoothness comes from lerp. I don't really know much of the math behind it but in this case it moves inv_sheet from it's current Y position to wanted position (Self.up and Self.Down) whit this lerp formula
lerp(Self.Y, Self.down, dt/0.1)
if you want to adjust the speed change that dt/0.1 part (dt=delta time)
Self.up and Self.Down values are set in the first events.
Edit: Actually it seems to work without "for each Inventory" condition in the first event.