I've done it quite a bit, but it really isn't necessary for bacon. Hot smoking to 145-150 works just fine.
For bacon or jerky, what I think works better than cold smoking is to minion the start with just a few lit coals, and let the temp come up slowly and try to hold it around 150 for an hour or two or let it wander a little north of there.
But I have cured salmon and cold smoked it, and for that cold smoking works really well. My strategy is to a) keep the fire small, and B) put as much cold mass as is reasonable between my fire and item being smoked. I typically take advantage of our cold weather 5 months out of the year. This method will work best when ambient temps are around 40 or lower, and the cooker itself is the same or lower. First I stash a couple of fire bricks in my freezer. Anything else that is heavy and safe to heat would work fine as a substitute. I minion a start with just two or three lit coals on top of about 5 unlit coals and put the chunk of wood on top of the lit coals. I place the frozen fire bricks on the bottom rack and place a big bowl of ice water with mostly ice on the bricks. The item to be cold smoked goes on top. In summer when early morning temps are low 50s I can get an hour or maybe a little more. In the winter I can get a couple hours from this method, but may need to change the ice water at the half-way point. If you have a leaky connection as I have between the bowl and mid-section of the cooker, a foil gasket helps to slow it down.