Ok gotta chime in here as well- toss that meat- definitely not safe to consume. Reading the reviews on the site you linked to it looks like temp variation is a big deal with that particular unit- not a big deal, but you've got to account for it- the other guys hit it right on the head with a different thermometer- my first smoker was an electric, second was a gasser, now i'm on to a wood burner- I'll say that EVERY single analog thermometer was off- and remember that the temperature where your meat is vs where that thermometer is can vary by 25 degrees or more depending. Once you've figured out the temps- make sure it's steady for an hour or so, then toss on your meat- and a briskie, although amazingly tasty when done right, will turn into one tough hunk of shoe leather if you're not careful. I'd also recommend the ribs as a great starting point- 6 hours or so is a good kickoff to make sure you're getting the temp/time right, tackle a brisket later on- after you've put out a good pork butt!
On the other question- leaking is what the cheap guys do- won't hurt anything with a little leaking- you might want to upgrade that chip pan though, 1/4 cup isn't gonna get you more than 15 minutes of smoke, I'd swing over to the local wally world or something and get yourself a cast iron skillet that will fit into the bottom of the smoker over the heating element, get some more chips in there if it'll fit.
Other weeknight testers would be ABT's, chicken parts, or even a steak (carefully check that temp though, wouldn't want to overcook it) just for some excuses to fire it up and figure out the temps. Good luck, and enjoy BBQ'ing- I'll warn you it's gonna be an addiction!