I've tried it both ways. It's a waste of time to soak.
Use chunks or wood splits for your smoke.
In my Offset, I use a combo of RO Lump and wood splits for my smoking.
I use a good bit of wood. Cheaper than charcoal too.
I'm partial to Oak, Hickory and Pecan. Lots of each near my house.
In my UDS or WSM I use chunks or small splits buried in the Lump.
If you have to use chips, invest in a Cast Iron smoker box.