Okay after reading all the great ideas on how to do a great rib eye on a Traeger we couldn't decide which way to go so purchased 2 steaks and decided to do both ways.
Then cranked Traeger up to max of about 450 then put both steaks back on. Below is picture of the smoked steak completed with IT of 135 (continued to cook after we plated it. It was perfect and oh so juicy.) Great smoke flavor.
The picture below is of the steak that was put on and seared 8 minutes to a side 135 IT. It did not look as nice, did not have the smoke flavor we love. Would not do that way again period. But yes on the above steak.
Here is some of each plated. We also baked potatoes, garlic cloves, pineapple and mushrooms at the same time. Nice meal.
Thanks for all the help out there. Right now I have two butts a pot of beans and baked potatoe on the Traeger along with a rack of bbbacks from the neighbor. Figured could cook it up for them l had the room. These will be my first butts and I am taking pictures of them for you to critique for us.