I don't know if it is a good spot or not but the area from the Old Lion Road Landing out to the point is accessible on foot and there are usually people fishing it. It has deep water close by and usually tons of shad working the area.
The Riverbend Park has some back access right off of 16 http://www.catawbacountync.gov/parks/riverbend.asp But that is way upriver from the main lake. Their is very little access on Lookout, it is mostly surrounded by private land.
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