Season the roast evenly with 2 teaspoons salt and 1 teaspoon pepper. Allow the roast to stand at room temperature for 30 to 40 minutes before grilling.
Place a large disposable foil pan underneath the cooking grate to catch the drippings. Prepare the grill for indirect cooking over medium heat (350° to 450°F).
Center the roast on the cooking grate over the foil pan, fat side up, and grill over indirect medium heat, with the lid closed as much as possible, until the internal temperature reaches 110°F, 1¼ to 1½ hours, rotating the roast 180 degrees once halfway through grilling time. Keep the temperature of the grill between 350° and 375°F. Meanwhile, make the jus.
Separate the shallots into two cloves, or cut them in half lengthwise if the cloves do not occur naturally. In a large skillet heat over medium-high heat, heat the oil. Add the shallots, cut side down, and cook until lightly browned, about 3 minutes. Turn and brown the other side, about 3 minutes more. Add 1 cup of the broth and partially cover the skillet. Reduce the heat to medium, and cook until the shallots are softened, about 10 minutes. Uncover and cook until the broth has evaporated to a glaze and the shallots are tender, about 10 minutes more. Add the remaining 2 cups broth, bring to a boil, reduce the heat, and gently boil over medium-high heat until the liquid is a bit thickened, about 5 minutes, stirring to deglaze the pan. Remove from the heat and season with salt and pepper, if needed, and set aside until ready to serve.
When the roast has reached 110°F, remove it from the grill. Close the lid to maintain the heat. Spread the top and sides of the roast with the mustard. In a small bowl mix the bread crumbs and blue cheese. Press the mixture firmly onto the mustard to make a crust. Drizzle with the oil. Return the roast to the grill, centered over the foil pan, and cook over indirect medium heat, with the lid closed, until the crust is lightly browned and an instant-read thermometer inserted into the thickest part of the roast registers 125°F for medium rare, 15 to 30 minutes more. Remove from the grill and let rest for 15 to 20 minutes. Just before serving, reheat the jus. Cut the roast into ½-inch slices. Serve warm with the jus.