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Angle resolved photoemission (ARPES) data from the electron doped cuprate superconductor Sm$_{1.86}$Ce$_{0.14}$CuO$_4$ shows a much stronger pseudo-gap or "hot-spot" effect than that observed in other optimally doped $n$-type cuprates. Importantly, these effects are strong enough to drive the zone-diagonal states below the chemical potential, implying that d-wave superconductivity in this compound would be of a novel "nodeless" gap variety. The gross features of the Fermi surface topology and low energy electronic structure are found to be well described by reconstruction of bands by a $\sqrt{2}\times\sqrt{2}$ order. Comparison of the ARPES and optical data from the $same$ sample shows that the pseudo-gap energy observed in optical data is consistent with the inter-band transition energy of the model, allowing us to have a unified picture of pseudo-gap effects. However, the high energy electronic structure is found to be inconsistent with such a scenario. We show that a number of these model inconsistencies can be resolved by considering a short range ordering or inhomogeneous state., Comment: 5 pages, 4 figures