Prepare grill for 2-zone cooking, placing ashed over Kingsford briquets on one side of the grill's charcoal grate to create a hot and a cold side. Put the main cooking grate in place, cover the grill, and adjust the bottom vents to bring the grill temperature to approximately 325 degrees.

Place the bacon blanketed hot dog on the cool side of the grill with the exposed hot dog sitting directly on the cooking grate. Cover the grill and allow the bacon to cook for approximately 45 minutes until cooked through and has begun to brown. Adjust the bottom grill vents to bring the temperature to approximately 400 degrees. Flip the bacon bun over, gently remove the foil wrapped hot dog, and cover the grill (note: the bacon should maintain its bun shape but if it begins to spread, simply insert 2-3 toothpicks to help hold its shape while it finishes cooking). Allow the bun to cook for an additional 10-15 minutes until completely browned and crisp. The foil wrapped hot dog can be discarded.

Remove the bacon bun from the grill and set aside while you grill the remaining hot dog (note: if you prefer a bacon wrapped hot dog, simply wrap the remaining strip of bacon around the hot dog, place it on the grill, cover, and allow it to cook until the bacon is browned and crisp).

Place the grilled hot dog in the bun and serve immediately.