I wouldn't scrap the cook just yet. Putting 5# of cold meat in there is gonna have a huge effect on the temp of a cooker of that size, and it'll take a while for the cooker to get to temp. Do you have any kind of heat deflector in there? If so, I'd ditch it for now. If not, maybe fire up a little lump in the chimney and throw it on in there. But I hear ya, I wouldn't want the cooker temp staying at 200 for very long either for the obvious health reasons, along with the fact that it'll never get done.
Also - I've learned to never fully trust therms. Put your hand over the exhaust and see how warm/hot that is.
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