Taken from The Complete Idiot's Guide to Smoking Foods.
Preheat the smoker as per manufacturer's instruction for cold smoking to 85ºF/29ºC or less using apple or maple, or a blend of apple, maple and hickory woods.
Arrange mozzarella and Cheddar on a smoke rack and place in the smoker directly above the ice or ice packs.
Smoke for 4 to 6 hours, depending on the amount of smoke flavor you’re looking for. You can go longer if you wish but I find 4 to 6 hours plenty. Remove cheese from smoker and wrap loosely in parchment paper. Refrigerate for 24 hours to allow the flavor to penetrate cheese.
Meanwhile, cook macaroni in a pot of boiling, salted water until it is barely tender. Drain and toss with olive oil until evenly coated. Spread evenly on a foil-lined smoker rack and place in the smoker with the cheese. Smoke, stirring occasionally, for 1 hour. Note you don’t want to smoke the macaroni for more than 1 hour because the smoke flavor could get too strong. Transfer macaroni to a re-sealable plastic bag and store in the refrigerator.
Preheat the oven to 350ºF/177ºC. Grease a 2 or 3 quart casserole dish; set aside. Shred smoked mozzarella and Cheddar cheeses; set aside.
Melt butter in a large saucepan set over medium-low heat. Stir in flour until well combined and cook, stirring constantly, for 1 minute. Slowly pour in milk and cream, whisking constantly until smooth.
Simmer, stirring frequently, for 10 to 15 minutes or until thickened. Turn heat to low and whisk in cream cheese and smoked mozzarella and cheddar cheeses until smooth; remove from heat. Stir in pepper and season with salt to taste.
Place cooked macaroni in the casserole dish and stir in cheese until thoroughly combined. Bake for 20 to 30 minutes or until cheese is bubbling and golden brown. Top with the crumbled potato chips and serve immediately.