I dont see why this wont work, but I used to use silicone grease, very very lightly around the shaft (ohhh ya) to lube (getting worse) the metal base on the bulb of 110 volt incandescent bulbs. Old man taught me that long ago, but haven't used that trick in a while as it seems as the newer bulbs have less of an issue with this. I can easily see how the HPS bulbs would continue to suffer from this issue though. I concur with the tightening of the bulb...dont screw it in tight...it doesn't need to be that tight.

HPS bulbs have a tendency to rattle a bit as there are long wires in there that tend to bounce around. You sure that's not what your hearing? To the best of my knowledge, a HPS bulb doesn't necessarily indicate it's bad just because of the sound it makes. I say if it's getting hot and light is pouring out then your probably ok. Not sure what to say about the smoke and pop though. I'd think the bulb would either work or not work. It's not like a Xenon HID bulb where different parts can fail. It either all works or doesn't at least that's the way I see it.