I dont wrap it, I just put it in a big pan and cover the top.Whenever I do a smoke, brisket or pork shoulder, I leave it in the smoker for the duration. I have done all the wrapping and such, but it seems to me a waste of time.
I cook at a lower temp, 240ish. 12 hrs for both. I just put it in with 2 handfuls of wood and check my dual temp[smoker temp and internal meat temp] thermometer and start checking the temp in 10 hours. This is where an electric smoker comes in handy.
When you do it old school the way I do, you can dry it out a little if you leave it in there the whole time. Also, it gets more smoke flavor when you cook with real wood, so you dont need to keep loading wood after the first 4 or 5 hours. Its just easier to finish it in the oven.
I know the electrics are way easier, but I love the entire process of chopping the wood to standing around and checking the fire.
I dont use a thermometer either.
I just hold my hand over the chimney to feel for the right temp.