Welcome. Wrapping meat is a preference and used for assorted reasons. It's useful but not necessary. If you have the time, and your timing is right, you can Smoke straight through to service. If the meat is Done, a 30 minutes rest on the counter, uncovered, is all that is needed. Wrapping is used to speed through the Stall. Wrap at an IT of 160+ and finish in the smoker or oven. If your meat is done before you are ready for service, you can wrap in foil and towels and hold hot in a small cooler for several hours until needed. In any event, wrapping steams the meat and you will soften the bark. Wrapping for stall, Paper is preferred by many for reduced bark loss. To cooler hold the meat, the foil holds juices and keeps from making a mess of the towels.
Smoking in a pan offers 2 advantages. Less mess in the smoker to clean up. The pan holds all the tasty juices to be mixed in or used to make Au Jus or Gravy. There is no noticeable smoke loss using a pan, especially if the flip the meat periodically.
Water pans are useful in wood and charcoal fired smokers where some protection from direct heat and a heat sink to moderate temp fluctuations are beneficial. They are useless in electric and gas smokers as the heat is stable and the cabinets hold moisture sufficiently., with few leaks and small vents. The moisture they impart has little impact at low and slow temp, uses more energy and extends the cook time.
Other stuff...Rub the meat the day before or just before the meat goes in the smoker? Opinions vary but just like a Marinade, the longer the rub contacts the meat the more flavor is imparted at least to the surface 1/4" or so. I rub the night before and add more before smoking.
Smoke Ring...They are pretty but contribute very little to flavor. It is a reaction to the Nitric Oxide in smoke coming from burning Large Amounts of Wood or Charcoal. You will not get a smoke ring from Electric or Gas smokers, and very small ring from Pellet Smokers. Add 1/4tsp Cure#1 to your Rub, rest overnight and smoke the meat to fake it.
Smoking by Time, Temp or Tenderness...These are all Tools. Smoking a Pork Butt at 225, will take ABOUT 2 hour per pound. It will pull easily at ABOUT an internal temp, IT, of 205 °F. A therm probe will slide in with No Resistance when the Pork is Done and Pullable. You will also be able to wiggle the bone out clean. I use the word ABOUT, because all Meat is different. Guys have had Butts get done in 1 hour per pound or take 3 hours per pound, all at 225. We have seen the pork get done at 195, 200, 205, even an IT of 210°F. The Probe test is valid for most meats, as pulling the bone easily is what you want for Pulled Pork.
Anything else you can think of, just ask or search. There is YEARS of experience shared here and if it can be eaten, Somebody posted how to Smoke it...JJ