I use a similar method to the volcano described in the OP, and light with a cotton ball. I placed 5 or 6 chunks of hickory around the volcano hole, then dropped in the cotton balls and lit.
I smoked a small brisket flat for around 6 hours at temp range between 220-245, and when done, barely any lump was burnt and the wood was practically clean. That's my problem with this method - seems like since not much lump needs to burn, the lit part stays right around the volcano hole and doesn't "spread" out to where wood would be.
Something to note: I use the Maverick Tip Top Temp to regulate my temp, so my bottom vent is entirely closed the whole time. Does that impact the way the lump will burn? I'm trying to figure out the ideal placement for wood to get a lot of (clean) smoke in the meat. My brisket came out good, but more smoke would have made it great.