Fuzzy,
You're correct about the V-shaped tray, it should be installed to be a "V", not an "A". They only pack it that way because of the space & the stuff.
The deflector by the bulb is, as you've deduced, designed to keep water from splashing on the bulb. If you were to invert it, the smoker would not heat evenly and would risk meltdown. If the drip tray is installed as a "V", it will shield the bulb from most of the drippings. The bulb will still get spattered a bit, but it's no big deal. It just can't be fed a constant diet of fat or you risk combustion.
Regarding your temp not going up as high as you'd like, you said you had no extension cord. But what other items are on the same circut as the outlet you plugged into? This could inhibit the ability draw enough juice as well.
Glad you're now a player & no longer a spectator,
Kirk
http://www.chezbubba.com