Scooba howdy.. my thinking is that the fat drips over the meat to baste it. Some people say the fat will be a barrier to keep it from drying out. If you don't have heat directly under and blasting upward directly on the meat , You can keep fat up so it drips over the meat. You can flip the brisket at some point if you want. You should take the brisket off for a few minutes and leave the foil open for a rest and then hold it in "wrapped" foil. 175 or 180 wrapped up is good. 190 or 200 may take it into the still cooking zone.
Fat cap up or down depends on what type of smoker you are using. With an offset pit it's usually best to place the point towards the firebox and fat cap up. With a vertical smoker I usually smoke fat cap down and then change to fat cap up when I wrap (I use butcher paper). The fat is left on there to protect the muscle - put the fat towards the heat source.
The Rec Tec is a vertical smoker - I recommend fat cap down to start the cook. When you get close to the stall, wrap fat cap up. I've gotten the best results this way.
To answer your other question - I (re)wrap right away and place it in hot holding. It was a long slow climb of internal temperature to get the brisket done and I don't want to rush it down to serving temperature of 150 or so. I want the temperature graph to look the same on the way down as it did on the way up - gradual, not steep. My 2 cents.