I have the sawdust tray thingy and find it works great on cold smoking cheese. Throw the cheese on the top shelf and a lit sawdust tray on the lower shelf into an unplugged Cookshack Elite, and you get nice cold smoked cheese.
Like suggested earlier, I'd run the smoker at a lower temp than normal to get more smoke flavor. Don't know if the sawdust would burn up too fast in a hot smoker. I'll have to experiment and get back to the group.