The water pan is your call, I leave my pan in and keep it full of water. Only you know how your smoker cooks and if it needs it or not to keep the temperatures stable. If you are using a Turkey Cannon the pan that holds the cannon will collect the juices.
As far as temperature I agree wit SDAR Hotter is better...
Simply put: If you can smoke a pork butt then you can smoke a turkey.
Smoked turkey is more flavorful and tender than one roasted in the oven. Breaking away from tradition can be hard, but The Brethren are here to guide you with your questions. You'll find pages upon pages of information and previously asked questions in our Official/Unofficial Talkin' Turkey Thread
http://www.bbq-brethren.com/forum/showthread.php?t=120494
Smoking a turkey is really very simple, however most people tend to over think the process making something easy, more difficult.
Turkey, like most poultry has a lighter more delicate flavor. One does not want to lose the lighter flavor of the meat with an overpowering smoke flavor. The difference between a great turkey and a good turkey may be the type of wood you are using, the amount of wood, or possibly the temperature you are cooking at. Because of this careful consideration should be given to the smoking temperature, the type of wood you plan to use, as well as the amount of wood being used.
You will get many recommendations, but I prefer to smoke my turkeys at 325 degrees and I prefer apple wood chunks, or an apple/cherry wood chunk mixture.
I also feel one should really consider the benefit of using a brine, not only for moisture, but for imparting great flavors as well. If you plan to brine, make sure you do not select an "Enhanced" turkey as these birds have already been brined by the processor. If the bird is "Enhanced" and you brine it, you may end up with a slightly over-salty flavored turkey, and it may also effect the texture of the meat.
I prefer the flavors imparted by Patio Daddio's Ultimate Thanksgiving Brine.... The flavor is truly awesome!!!!
http://www.bbq-brethren.com/forum/showpost.php?p=1087814&postcount=1
Here is a guide to smoking the turkey by the same person.
http://www.bbq-brethren.com/forum/showpost.php?p=1450009&postcount=1
There is also a good article in Smoke Signals Magazine starting on page 26...
http://issue13.smokesignalsmagazine.com/
From the archives - Wampus Smokes a Turkey.....This mirrors the article in Smoke signals.
http://www.bbq-brethren.com/forum/showthread.php?t=176618
and of course the Brethren Unofficial Turkey Thread....
http://www.bbq-brethren.com/forum/showthread.php?t=120494