So you are considering using the eyes AND the oven element? Smoking meats is a low and slow process, sort of a crock pot style of cooking. All of my smoking is typically in the 225 -230 degree range on my Cookshack. With my old wood burning offset, keeping the temp to 275 to 300 was my target.
On the drip pan, mount it outside the smoker, below the element and the floor. You don't need massive amounts of heat to get wood smoking and maintain a temp range of 140 to 300. Look up the smokers from Cookshack, Smokin-it, and SmokinTex to get an idea of construction. These smokers are very similar. While the CS will go to 300 degrees, the other two peak out at 250. More than adequate for long smokes.
You might get some ideas here:
To control the temperature, if you are not going to use the stock oven controls, you might find something here:
I admire the 'do it yourself' aspects of your endeavor. And I wish you luck.