dba1954 - My SOP for steaks is something similar to what you're thinking about, but I wouldn't call it cold smoking. I pre-heat the smoker at 180F to get the smoke going, insert the steaks, and cook to an internal temp of 90F-95F. Remove and sear to finish on a very hot grill or saute pan for usually no more than 1 minute per side for medium rare. Keep a Thermapen or something similar close by as the internal temp moves pretty fast at this stage. Foil and rest for 5-10 minutes, then enjoy.
I don't have a baffle but have double wrapped the lowest grate with HD foil in the past for cold smoking. Tried it with steaks once with no discernible difference in results.