Yep, this sounds like a winner. To sear it, instead of getting my smoker and my grill going later for the sear, I’ll probably slow-smoke it in my Weber kettle grill using the circular snake coal method I learned from Cook’s Country, and works so well on briskets, as I talked about in my Barbecued Beef Brisket! thread from a few months ago. Then the 1/2 hour rest is plenty of time to spread the coals around, add a few more, and vents open to get it good and hot for the sear.
How about the rub? For pork shoulders, I usually start with a Cajun spice rub like Tony Chachere’s and add a bunch more herbs and spices. But with a ribeye roast I’m thinking to maybe keep it simpler, to let the beef flavor come through. But maybe not so simple as a Dalmatian rub.