Most of us like to use grill baskets (grill pans with holes all over). This will allow for good smoke penitration plus it will allow the grease to pass through so the loaf isn't swimming in the fat. Make sure to have a catch pan under the basket if you're using a vertical type smoker.
Bacon is an excellent topper for meat loaf. You may have to kick up your temps in order to get the bascon crispy.
Myself I use parchment paper. Not wax paper. I polk some holes in the parchment paper so it allows the fat to drain off. I use parchment paper for my meat balls and when I make little 1/2 pound mini meat loafs also.