Decide what way you want to cook it, fast or slow. Because i haven't perfected the high heat method as well as the slow cooks I'll tell you how I slow cook em.
Trim your brisket. Don't go crazy with it, just trim the excessive amounts. I don't separate the point and the flat but I do trim out a lot of the fat that runs between the two. It almost looks like I'm separating it, but I don't.
Decide your rub/s. I usually go with a bbq dry rub such as Blues Hog or Smokin' Guns first, then a heavy dusting of granulated garlic and a good amount of pepper on top of that.
Place the brisket in a 250* (or so) cooker. In the WSM I go fat side down the whole cook. Every 4-5 hours I will move the brisket around a little just keep the bottom from sticking.
Somewhere around the 10-12 hour mark I'll start checking the internal temp. and how tender it's feeling with my probe. I do this by inserting the probe into the side of the brisket in the thickest part of the flat just over the thinner section of the point. You'll see what I'm talking about. Tenderness when you insert the probe is your deciding factor but with this method it usually falls anywhere between 187* to 205*. If after 8-10 hrs you want to speed up the cook a little lean towards the 275* cook temp, especially towards the end of the cook.
Once the brisket is done/tender to your liking remove it from the cooker and wrap with plastic wrap and foil. Put in cooler to rest.
Options:
The Point: Unless you're wanting to make burnt ends, don't worry about removing or cooking the point for extra time. It'll be better than fine without the extra work. I'm all about easy! (if you want to make burnt ends to serve with the flat or to serve at another time I can give you some tips as well)
Foiling during the cook: Unless it's a high heat cook, I don't. Not to say that it doesn't work on a slow cook, it can. I just haven't perfected that process into my slow cooks yet.
Tip: Sometimes it's hard to decipher which way the grain runs on a cooked brisket. To remedy that you can ... Before applying your rub mark your brisket by cutting a slice on a corner of the flat that runs across the grain. Once the brisket is ready to slice you already have a starting point.
Personally I would go light on the wood. Especially if you're using lump. Just a preference.
There's a ton more I could go in to but those are the basics. If you need some immediate advice or more details give me a buzz at 618-581-0495.
Good luck neighbor!