I know this thread is a month old, but now is definitely the time to stock up on Prime Rib roasts, even Select grade. Now, I don't smoke mine, I cut them into steaks and grill smoke them (wood chips mixed in with the charcoal). A 5-6 lb roast can be cut into two 2.5 to 3 lb rib eye Cowboy steaks. There is nothing sexier on this planet than a 3" thick rib eye Cowboy steak, caramelized to perfection and grilled to a nice medium rare. Takes about 45 mins to an hour of direct and indirect grilling.
Prices have dropped locally to $5.98/lb for Select grade, $6.98 and $7.98/lb Choice grade. Last year prices dropped to $5.98/lb for Choice grade right after Christmas. This year I just couldn't wait for the price drop so I've picked up three 6 lb Select roasts so far that basically looked like Choice. We gobbled up a Select grade steak yesterday that was tender and juicy. My wife and I both got 2 meals off of one steak. We're going to grill up another today, so I'll document the process.