Excellent idea, provided those legs are hollow. Since I don't own one with legs, I don't know for sure how they are built, but I would suspect at a minimum that there is a solid covering at the connection to the pot, otherwise, you have food down in the legs - where it would burn and be a bitch to clean.
Dennis, you stated that you looked into designing a smoke pot with a tube that would project down into the burning coals. What if you just drilled one small hole in each of the three legs shown on cpwebb's Dutch oven above, rather than in the center of the pot? Would that accomplish your goal, and be sufficiently durable? Sometimes the simplest solutions are the best.
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Here are pictures of the cast iron pot I use for adding smoke, it has a six on it but I'm not sure what size it is. It is pretty small but holds about 4 fist sized pieces of smoking wood. I picked this up a couple of years ago driving through Tennessee, Lodge has a factory outlet store there.