JH, I've been here in Mancos since June 1 fishing McPhee about 3 days a week. I've found a ton of dinks and some nice smallies every time I've been out. I've been mostly fishing the Bear Creek arm using either red/black combination Senkos or crawfish imitation jigs. For me the fishing has slowed down a lot this past month as I'm sure the fish have gone deeper. I've seen some guys fishing (probably dropshot) a hump just outside the main launch area, but don't know how they have done. I'm sure there are a lot of other good areas to fish, but I've done well in that particular arm, and haven't taken the time to explore the rest of the lake.
BTW, they inspect you every time you launch, but it's quick and usually doesn't take as much time as I need to get the boat ready. If you are coming from AZ, make sure you are clean and dry and you will get a good quick inspection.