Will wrapping it in bacon allow the smoke flavor to penetrate the meat? I've grilled (not bbq) one wrapped in bacon, which turned out fine. The last one I did, which was even better, was rolled in bacon grease (always got a can on the stove, poor arteries) then salt and pepper.
I'm wondering if a liberal coating of bacon grease might be the way to go.
I am going against the grain of the advice you have received regarding the bacon and say this. I base this statement on years of experience cooking venison. Placing strips of bacon on venison does nothing to help the moistness of the interior of the meat. All it does is create a barrier on the venison to where it reduces the exposure of the meat to the smoke you are trying to put on the meat in the first place. The grease rendered by the bacon may keep the exterior of the meat moist, but that is all it does. It does not help the interior retain moisture whatsoever.
The main reason for venison being dry is being overcooked. Most steaks and roasts will dry out when they are cooked past medium or 150ºF. The internal temperature of 130ºF is a good target for rare and medium rare is about 140ºF.
This is the recipe I use for marinating backstrap or injecting hind quarters. If I am using this solution for an injection, I omit the vegetable oil. Also if I am using this for an injection, I will mix the ingredients the day before so the flavors meld. I then strain the solution so the needle will not clog when you are injecting. I use about one fluid ounce per pound of meat. I inject no more than four hours before cooking time. Any longer than four hours will turn the meat mushy before it even cooks. After injecting, I use a 50/50 combination of brisket rub and Montreal Steak Seasoning on the exterior of the meat.
Venison is best served no hotter than medium rare. Anything cooked over 150ºF will tend to be tough and dry. I prefer a finish temperature of 140ºF or lower. Cook the backstrap or hindquarter @ 250ºF until it hits an internal temperature of 140ºF. If you are just cooking backstrap, you can kick the heat up some. The last ten pound hindquarter I cooked took about 30 minutes per pound @250ºF to reach an internal temperature of 140ºF.
Once the meat hits 140ºF, I wrap the hindquarter in foil and add some Rick's Sinful Marinade inside the foil and let the meat rest for 30 minutes before slicing. You can substitute beef broth instead of the RSM.
Here is the injection recipe for the venison. I will also mention that this works good on lamb. Q'Sis first posted this recipe on the BBQ Forum.
From a thin paperback booklet, called, "The Barbecue & Smoker Cookbook, from the Kitchens of Southern Living"
Magnificent Marinade:
1 1/2 cups vegetable oil
3/4 cup soy sauce
1/2 cup red wine vinegar
1/3 cup lemon juice
1/4 cup Worcestershire
4 cloves garlic, chopped
2 T. dry mustard
1 T. coarsely ground pepper
2 1/2 teaspoons salt
2 teaspoons chopped fresh parsley
Rick's Sinful Marinade:
12 oz. can of beer
½ cup cider vinegar
½ Worcestershire sauce
¼ cup olive oil
2 tablespoons barbeque sauce
1 tablespoon of beef base
1 tablespoon rub
1 tablespoon celery seed
1 teaspoon cayenne pepper
1 teaspoon MSG
Lager,
Juggy