SB,
If your belly bacon comes out as bad as you describe the chances are you're starting with poor quality meat. Pork belly quality varies widely (or should I say wildly) in my area.
When I buy whatever they have on hand at the hole-in-the-wall Asian market in my area I get dried out old meat I wouldn't give to my dog. When I special order through a certain good butcher I get good product.
In my area (SF, CA) I've found only one butcher who can/will get me the real thing, so it would seem the odds are against the average shopper on getting good quality pork belly.
There's also the issue of how to smoke it. Most people will tell you to hot smoke it to 128 F internal. I tried this and was not happy with the result. I settled on cold smoking for 6-7 hours and the result is the outstanding... best bacon I've ever had.
I found it has to be smoked very gently or it will lose it's extraordinary soft texture. I keep the oven temp at 100 F or under. I find 4 hours of smoke is sufficient, but I usually go longer.
I do 20 lbs at a time then vacpac and freeze. I use it in all sorts of different dishes. I'll never make a bolognese sauce with a commercially made bacon again.
I'd say don't give up on belly bacon just yet. Keep trying, it's worth the effort.