I did some venison pepperoni awhile back and followed this process.
after stuffing, hung the sticks about 1 hour to dry a bit, this can also be done in the smoker with no smoke.
smoke around 165-170(assuming you want a coooked ready to eat end product) until IT hits 155, don't go higher than 170 or you will start rendering the fat out.
I smoked mine for about 3 hours and then transferred to oven(at 170) as the temp here was really cold and windy
Once it was 155, I pulled and hung for 2 hours for bloom. I didn't do a water bath, although if you do, i believe you are bringing the temp down to around 100 to stop the cooking process. I like the "wrinkled look" on the pepperoni sticks.
Finally, hung in the basement overnight, and then transferred to the fridge for another 24 hours before bagging and freezing.
They turned out really good, a bit dry on the edges and a bit moist inside. The guys I hunt with said they are some of the best they ever had.
Hope this helps, anyone with more experience feel free to correct me if any of this isn't correct