For bacon, I like to go as low as possible to avoid rendering any fat. It works on my Memphis at 180, which is the lowest it will go, but it's better on my gas smoker which I can get to 150.
Forget about cheese. The texture changes when most cheese gets above 80F so you need to cold smoke on a cool day. Some folks will cold smoke on a pellet grill by placing a pellet tube in and smoking with the grill off, or just the fan running. While this works, the cheese taste like an ashtray if you don't let it mellow for 3 or more weeks. It's better to use a long tube from the smoke source to a box to give the smoke a longer time to cool.