I moved up and got an electric smoker this spring, set the temp and timer then go about doing the yard work and/or watching my NASCAR while it smokes. Every once in a while just add some more wood chips. I did a Boston butt roast last week but I enjoy the ribs or whole chicken more.
I've got the big egg knockoff for smoking. Pork butts and shoulders for me, we do live near the largest pig production area in the world.
Though I have to say cooking a nice thick steak off the heat for about an hour or so is the best.
YES - it can be done. Sear it then bake it at low temps. Gracious that's good!
This is what I use. Gas on one side, charcoal on the other. I can do some smoking on the right, with a rotisserie attachment. It's not the same as low and slow in a smoker, but I've had pretty satisfactory results with it on pork loin, turkey breast, chicken.... have yet to do a brisket.
I hope to never have to live w/o a toaster oven again. As the only person in my household it gets used probably more than any other appliance I own. (I don't care for microwaved leftovers.)
Doesn't really cut the mustard for baking things like cream cheese danish, either.