Hey bbquzz I bought a 4.5 lb. bone-in rib eye roast last week and had the same problem, didn't quite know what to do with it. I finally put it in the WSM with a couple of turkey breasts and cooked it at about 325 degrees. I had to keep all the vents wide open and crack the lid a bit with a chop stick to get the temps up. I guess the chop stick gives it an Asian twist on smoking turkey and beef roast.
I seasoned the roast with salt, pepper and a bit of ground cayenne red pepper for heat. I debated about sticking some gloves of garlic into the meat but decided not to. I was afraid of letting to much juice out during the cook.
Anyway, it took nearly two hours before the internal temp got to 130 degrees. I had to probe it with my Thermapen in several places before I got a good idea of when to pull it off the rack. The meat is real tender and lean but the little pockets of fat kind of through off your temp reading unless you try in a couple of different places.
The roast came out real nice. It was very tender and flavorful. I've heard of some folks who cut the roast down into stakes and grill them individually. I guess that's another option. I hope this helps some. I'm sure you're going to get a lot of other good advice on this.