I think the smoke penetration is a combination of the smoke source (hardwood sticks being the best source) and moisture on the outside of the meat, along with the initial temp band and time in that band. In my experience, moist meat absorbs clean smoke easier, but I don't how I could quantify that with a benchmark.
Although meat will continue to absorb smoke FLAVOR throughout a smoke, the bulk of the flavor absorption takes place at the lower end IMO (say 150* and under). Spritzing with moisture, like apple juice & honey (or similar) on pork butts towards the end, lowers the surface temp of the meat and again I think this further enhances the absorption of flavor.
The SMOKE RING pretty much is done by around 140* (assuming the ring is actually from the smoke and not a chemical crutch like cure in the rub). The smoke source will have a lot to do with the quality of the smoke ring that is developed. Real hardwood fire being the best for smoke ring, followed by hardwood chunks on charcoal, pellet or puck burners, pellet trays or tubes, and virtually none from charcoal alone. As to what forms the smoke ring.... it is a chemical reaction between nitrogen dioxide in the smoke and myoglobin protein in the meat. Some meats have more (like beef) and tend to have a more prominent "ring". But the amount of nitrogen dioxide is a key, and there is more in natural wood as it burns and emits smoke. The other key is the amount of moisture on the surface of the meat. Bone dry is more of a barrier and a moist surface helps the nitrogen dioxide (which is a gas) penetrate deeper.