This is a riot! And actually pretty close to how I do it except for a couple things. I put the bird IN the aluminum roasting/drip pan right on the grill, which still exposes the majority of the bird to that wonderful smoke, but without all the inferno issues. Wrapping it all up in foil is kind of defeating the purpose if you ask me.
Yes, bourbon is involved, and usually well before 10:00 (so good in the morning coffee). I add a small aluminum bread-pan between the coals and fill it with the closest available non-vile liquid and assorted seasonings. This adds some moisture and more flavor to the smoke. The wood chips DO need to be soaked, or they pretty much just burn up in a couple minutes.
I usually get a 20-25 pound bird fully cooked in about 3 & 1/2 hours. I recommend starting early as the bird will need to "rest" for a half hour or so before carving (now you cover it with foil) and you can always reheat if you have to, but carving pink, bloody turkey meat in front of your in-laws isn't going to gain you any points.