TJ,
We had a pretty good discussion about steaks awhile back:
http://smokinitforums.com/index.php?topic=123.0
From the consensus, if you're going for medium-rare, you want to pull out of the smoker no higher than 110 internal temp, then sear on the hot grill, with a short foiled rest after. Check out the previous discussion, and see if you think differently. I like steak right at the top edge of medium-rare (just barely medium), and pull them off the grill no higher than 130. So, to account for the extra temp, during the sear, 110 seems reasonable to me.