Preventing oil burn when searing steak
I always do my steak in cast iron, but instead of oil I use salt. Yes, you read that right, no oil in the pan. At all. The salt provides seasoning and prevents the steak from 'sticking' to the skillet. You can preheat your skillet over a medium heat to cut down on the smoke, yes even without oil, there's still smoke. But what I found is that the hotter the cast iron, the smokier things get. So, I'll recap, omit the oil and heat the pan longer over a medium heat. (You won't miss out on the sizzle, and you won't have to open every window in the house.)

I'm adding a couple of recipes that recommend the opposite (searing hot pan that goes into a 500F oven!) but with a total cook time of 10minutes or less. 
How to Cook the Perfect Steak in Cast Iron reccomends Avocado Oil. 
Pan-Seared Rib-Eye uses Canola Oil.
oh! and... the Smoke Point of Oils lists Avocado oil heat/smoke point at 520F, Canola at 400F, and Coconut oil at 350F.