Well, I poach my smoked sausage in water after smoking, and you can still easily tell it's smoked sausage. I doubt the frying will blunt the smoke flavor much, if at all. Good point from EBE; your oil will be smoked afterwards. Not entirely surprising as polyunsaturated and monounsaturated fats will be very happy to saturate their bonds with anything flying around. If one was to use a saturated fat, such as safflower oil, this would be less of a problem.
Maybe that's not a bad thing for frying other stuff though?