Update:
While I've got the smoker parts in the dishwasher this morning, I decided to check on the whole concept of : will it make steam?
So, following Tony's advise, I put the foil pan directly over the heating element after removing the firebox. I set the rheostat to 235 and hoped for the best. About 10 minutes later, I've got a plume of steam coming out of the top of the smoker. I opened the smoker to take a look, and it's definitely steaming its little heart out.
So, here's the plan. I'm going to use this steamer configuration, with the water pan directly over the heating element. I'll put the meat on a rack right above that. The next rack up, I'm going to cover completely in foil to create a "roof" over the meat to help trap the steam.
But, I'm expecting this to work rather well.