My vote is for the smokey joe. Cold smoking is for brined and cured meats and cheeses. If you want to actually cook/smoke/bbq you need heat and the best tasting heat comes from wood or at the very least lump charcoal with one to three fist sized hardwood chunks, which is my preference. Although if you don't mind the taste of briquettes, and a lot of people don't, then there is a good source of heat.
I've tasted bbq from all types of smokers and the very best to me is the old horizontal offset with a hot burning fire. Hands down the best tasting, cleanest tasting, bbq there is. The problem is the size, weight, and the constant tending required. To me electrics seem to make a shallow tasting product. Kind of like tea smoking over an inside stove. The smoke flavor is there but not deep or rich. My favorite compromise is the vertical smoker like an Ugly Drum Smoker or the Weber burning a little hotter around 275 degrees.
Bottom line is my preference would be a modified smokey joe or wait for the 14.5 wsm.