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I didn't have a problem with it burning. I am using a cheapo Brinkmann electric, so it struggles to reach 240. Burning isn't an issue with it. If you are using lump or sticks then you might think about foiling earlier if you see the bark getting too barky. Once it goes in foil though, expect the bark to soften a lot.
Hiya Monsterbuck from another Iowan! Yes the rub will reach the meat, the mustard is just to help with adhesion. It essentially "cooks away" in the smoker and you are left with the meat, the rub, and a really nice bark on the outside....
If you don't mind, why don't you shoot on into Roll Call and introduce yourself....cooking experience....type of smoker.....etc. This helps everyone here help you with any questions you have.....and we're nosey....heh.
Eric, thanks for the info. I'm kinda just a lurker right now, gathering info. I don't own a smoker yet and have never used one although I have tasted some awesome stuff some friends have done. I'm hoping to get a smoker and get started soon. Leaning toward the Masterbuilt Electric as I really need something low maintenance.