I used to soak wood chips overnight but never noticed a difference between it.
Been using chunks now lately and never soak those. Just throw them in the charcoal basket and let em be.
Honestly, IMHO the hype of the "deadly white puffy smoke" is way overblown. A little white smoke because you put a new piece of wood on or a little more charcoal in isn't going to ruin the meat. Cook with a choked up smoldering fire the entire cook and you might have issues, but don't sweat and freak out from a little bit of white smoke. If you have a good breathing fire going, any white smoke should clear up in a few minutes without needing adjustments.
18" OTS, 22" OTG, SJ Silver, Cimarron Offset, Coleman Bullet, PBC, UDS, QMaster ATC