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Go ahead and give it a try, but I don't think you'll notice much difference. The water pan serves a few purposes: act as a thermal mass to help a maintain steady temperature, act as a baffle or heat shield so your meat isn't cooking directly over the coals, act as a drip pan, and provide humidity to help prevent the meat from drying out. It does not introduce any significant additional elements to the flavor profile.
All that said, give it a try. you may decide that you like the subtle results which will vary depending on your pre-cook treatment of the meat.