What I've always heard is that walnut is a low btu burner. It may impart flavor, but you'll want to burn it with an oak, ash, hickory, etc. to get a hot enough fire. I'd think it would taste like chit, but can't say for sure. I cut a lot of it in my shop and the smell of the dust can be overwhelming. I was told by a horse rancher that its the one wood that you don't use for horse bedding. The dust makes them sick.
What's this all have to do with using it for smoking? I don't know. This is all I know about walnut.