Hey Bill!
Wate vapor condensing acts catches creosote and acts as a vehicle to move it down the side of your smoker in a process very similar to the way that liquid smoke is manufactured. If you could capture it, liquid smoke is exactly what you would have.
You'll likely see moreof it as outside temps get lower because the temp differential is greater between the inside and outside of your smoker.
One help would be to fill your water pan with sand instead of water, and yes, your meat will still be just as moist.
About the only other two things to do are to place a mat undr the smoker , or don't smoke @ all (I'm guessing that the latter is not a viable solution)
BTW, wjile it might be a mess, I think you'll find quite a few of us here that wouldn't consider ir to be "stinky"
Tim