Tim –
Unfortunately, the entire section between Highway 64 and Lake Nantahala is private water. In North Carolina, which is not a ‘navigability’ state, you cannot set foot on the stream bed, or even touch an object connected to the stream bed, without trespassing. Some years ago I spoke with a game warden in that ranger district. I was looking for lake run trout in various rivers in that area, but never found them coming out of that reservoir. (There’s a lot better river near by, though – you probably know which one). The warden warned me that while I could certainly “float” the river legally, if I touched bottom, or made contact with a stick, he would arrest me. I opted not to provoke a response; I know the Rainbow Springs Club people are very touchy about fishing their private water (which I hear is managed as a pellet fed pig stream). In fact, that conversation took place right there on the Highway 64 bridge; I was looking into the river and had been there all of about five minutes, which is all the time it took them to call out the law on me.
I also did ask the guy some questions about the salmon; supposedly they were stocked in the 1960s or 1970s and they have about died out, but they do still make a small run onto that private water. According to the warden and what I’ve heard here and there, you need an invite to actually fish for them, although you might be able to look at one or two if you ask the lodge owners nicely. There are some other smaller parcels closer to the lake which might have limited access, too.
There is some public water nearby that Lake, both further up the mountains and also in a couple other feeders, but if you’re looking for a mountain stream experience, I’d just go to the Smokies since you’re so close. If you’re looking for lakers, PM me–and break out the hiking boots.
Hope that helps,
Zach
PS – I forgot, there is one cool thing I learned. West of that lake in the next drainage over is the area where Eric Rudolph disappeared and supposedly hid out. That might be worth looking for brookies in just for the history of the area.