I'm not a big-game hunter, but while the idea that the smoke could spook them SEEMS logical, I've got reason to believe it wouldn't hurt ...
Some of you may recall a picture I put up 2 years ago this past summer ... my wife and I were at our cabin in the mountains of eastern Utah ... I was sitting on the back deck, reading a book and enjoying a cigar when 2 moose showed up within 25 feet of me ... not only did the smoke not put them off, they almost seemed to be investigating it ... I made the comment at the time that I thought the cigar smoke had been a magnet ...
Now I know you might be saying that moose are not as easily spooked as deer are and you're right, but the smoke sure doesn't slow down the deer who arrive in quantity every evening to drink from the stream that is immediately behind the cabin ...