Is this the probe you've got? Fluke's site says this is what comes with an 87 meter:
http://www.fluke.com/fluke/usen/accessories/temperature/80bk-a.htm?PID=55348
If so, the cable and probe should be just fine for your smoker. The Fluke site says the probe is good up to 260°C, which is a lot hotter than you should need (500°F). Just don't expose the cable to anything higher than that. The meter and connector will be outside of the smoker, presumably.
The limiting factor for a thermocouple is usually the insulation on the cable. It's hard to tell by the picture, but it looks like that reddish PTFE kind of stuff. We usually try to keep Teflon at or below 200°C, but I'm not sure what is really being used here. If Fluke says 260, then I trust them.
As others have said, you can buy a good remote-probe type thermometer for pretty cheap, and you wouldn't feel as bad losing a $20 thermometer as you would if that nice Fluke meter got damaged. Further, a thermometer made for meat will have a nice, pointed probe that you can easily jam into meat if you want. If the probe you've got is the one I linked to, it'll just be some thermocouple wire, welded at the end to form the couple, and insulated with that PTFE stuff. So it won't be very suitable for poking into meat, and isn't really meant to be sanitized, etc. Junk can get up inside the insulation over the wires so it wouldn't be legal for food service use if it came down to that.
Here's a typical wired-remote cooking thermometer gadget:
http://www.thermoworks.com/products/alarm/oven_temp_timer.html
And if all you need is a meat thermometer, and you don't need the cord-remote probe, I highly recommend these:
http://www.thermoworks.com/products/low_cost/rt301wa.html
But none of that is nearly as fun as finally finding a good use for that temperature probe that came with the meter, is it?