Tim,
Hog Island is a good anchorage but is a little ways from Red Eyes and Jetty. it is also a little more difficult approach. Much of the water back there is pretty shallow. It may be better to go in with some local knowledge. I live right there so if you need help let me know.
Marshy Creek which is accross from Hog Island and on the East side of Kent Narrows Just passed Oyster Cove (Large townhouse community on the south side of Kent Narrows) is probably a better choice to anchor out and a little closer to the action.
People also anchor just passed the Jetty and the wells cove marina. Just be careful of the depth. You also have the choice of several marinas that would all be great choices with pools, Lippincott, Mears, Wells Cove, Piney Narrows. If you eat at Bridges restaurant they will let you stay over night at a nominal charge.
I could also get you a spot at Kent Island Marina if you like! Probably 1.50 p/f plus electric and that is right in the channel. let me know.