I smoke my hot smoked bacon as low as 150 F. This is the only time I do not use water in the pan. If the bacon is wet/har small water droplets on the outside, there will be less smoke particles that clings to the meat.
Now, I usually smoke bacon around Christmas times, as pork belly costs almost nothing at this time of year. Belly at OK prices is difficult to get our hands on rest of the year. December, January and February in Norway means freezing temps, and condensation issues you might not have is a part of the game. So for me, 8- 12 briquettes, smoke for around 4 hours, and finish off inside is a tried and tested recipe. You might have different conditions.
On my first couple of hot bacon smoking, I used more coal. The cook time became too short, and the smoke taste was not strong enough. I prefer my bacon smoked for approx. 4 hours, or even for a couple of days if I cold smoke the belly.
I've used about 4 fist- sized chunks of oak.
If I would like to eat bacon with just a tiny amount of smoke taste, I can easily buy it in the store. I like to make something that tastes different, and bacon can take a lot of smoke taste. That does not mean I like hard smoked foods..