Cool. Funky word, but cool.
Brian, it would seem it's a verb that would easily transpose tense like "hunt."
Lunt(s)- to smoke and walk
Lunting - the act of smoking and walking currently
Lunted - had once smoked and walked
Proposed examples:
"I'm going for a lunt, honey, have dinner ready when I get back, okay?"
"Lunting with a few friends after dark, we found a great park bench, and decided to sit for a spell instead."
"I lunted reluctantly with John last night, as he told me his tall tale of knocking out a grizzly bear with one punch."
Maybe?
8)