A good way to smoke Picanha? My friend and his Brazilian wife are pretty crazy about Picanha. As I understand it, this cut is also called Coulotte and is a part of the top sirloin cut with a fat cap on top. 

Typically, it's skewed and cooked over an open flame - which hardens the fat and provides for a nice char over a medium/medium rare cut. 

I'd like to make some Picanha for the next time we have them over - but I don't have the luxury of a grill. I do, however, have a Traeger smoker. 

The Traeger tops out at 400 degrees. So, I'm wondering if I should smoke the Picanha low and slow or crank the Traeger to 400 and go hot and fast.

I'm hoping for the fat to render and become edible and for the meat to be very tender without being overcooked. 

What would be the best way to go about cooking this cut in a smoker?
I'd put it in the smoker low&amp;slow until the desired internal temperature is reached (minus some degrees, depending on the size of the meat), then brown it in a hot pan.