You shouldn't need a water pan, and for the first one I would keep it simple. Trim the hard fat, leave the fat cap intact (maybe trim to 1/4"), rub it, cook it indirect at 260-270, fat cap down. It will take 60-75 minutes per pound as a rough estimate.
I start checking for done at around 190 internal and go by feel. Probe the flat and the point will take care of itself. Cook it until your probe in the thickest part of the flat goes in with little to no resistance.
Once it probes tender wrap it in a couple of layers of heavy duty foil and let it rest in a dry, preheated cooler insulated with some clean towels or newspaper for a couple of hours.
"Ron Rico, Boss. You can call me Captain Ron..."
The Naked Fatty!
FEC-100/BWS Party/Memphis Pro SS/PBC/LBGE X 2/SBGE/Mini BGE/Nomad Pellet-matic/Good-One Model 42/WSM X 2/Cookshack Smokette 008/Weber Performer/Saber Cast 500/Weber Gasser (RIP)/Weber Kettle X 2/Weber Smokey Joe/WGA/UDS/Coffee Roasting Gasser and a pickle
Remembering a friend