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You can go either way. If you want more barky crusty bits then cut it in half. If you're wanting to slice it thin for sandwiches I'd leave it whole and just score it a bit.
There really isn't a wrong way to go with bologna.
To help rub adhere to meat, rub bologna with yellow mustard. Then apply a generous, even layer of rub. 2 Place 2 to 3 fist-size hickory wood chunks on top of unlit charcoal in a smoker; top with lit charcoal. Smoke bologna at about 225 degrees, 3 hours.