Preheat smoker using pans of briquets and hickory chips, adding the chips according to manufacturer's directions. Cut turkey in half.
Bring vegetable oil, cider vinegar, hot pepper sauce, garlic powder, salt, pepper, and honey to a rapid boil in a saucepan. Reduce heat, cover, and simmer basting sauce for 15 minutes, stirring occasionally.
Lay turkey flat on wire racks of the smoker. Place racks into the smoker, and smoke according to manufacturer's directions, basting every 15 minutes, about 2 hours. An instant-read thermometer inserted into the thickest part of the thigh should 165 degrees F (74 degrees C).