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I smoke bacon on the WSM on a regular basis. As a matter of fact, I will smoke two slabs tomorrow AM. I recommend Bearcarver's tutorial.
Tomorrow, I will use Kingsford Blue Bag arranged in an double row all the way around the charcoal ring (WSM 22") and light one end. I place smoke wood early into the smoke. Tomorrow I'll use Pecan. My goal is a very low heat (near cold smoke) increasing it slowly over several hours (all day) to 145/F degrees internal. I'll also dry some jerky I have in a brine now at the same time.
This is some I did this past summer:
...but tomorrow, instead of laying the bacon and jerky flat I will hang it using the expandable smoking rack using hooks in the bacon and skewers in the jerky laid across the cross bars: