I don't know thing 1 about any smallies in that lake. I have always been interested to know but have only heard the same "tales", I think, that you have. I'm referring to if there are any left in there. If you do get there, please report back!
What I do know:
I have driven there once in the spring. I only had a two wheel drive at the time and there was too much mud for me to get stuck in so I didn't try.
Coming in from the South West it is one shallow lake. It is also quite muddy so just a heads up that it could be a hard launch if your bringing a boat. Could be tough to fish from shore as it is shallow a long way out from what I saw.
I did talk to an older gentleman about 3 years ago when fishing up in NB1. He had been to Island the day before and had good things to say about the pike and perch. Nothing about smallies. He looked at me funny when I asked so I don't think he knew. Anyways, he did say he caught quite a few pike including some in the 4-5 lb class. Nothing huge but sounded like decent action. He also pulled some nice 12 inch perch out in the winter.
That is all I can tell you.
Good luck!