A friend of mine had a 3 pound chunk of cheap beef/pork/chicken bologna and asked me to smoke it for him. I cut it in half, coated it with a bit of canola oil and applied as much rub as i could get to stick and took it to 160° IT using well seasoned white oak wood in the stick burner.
I snitched a small piece for a taste test and it wasn't bad at all. He was very happy with it and said it made great sammys and was a big improvement over the unsmoked product. Kinda makes me want to try it with some good quality all beef bologna.