Unless you have a real 'want' to go to Lookout or PI, I agree with Glenn. Go to Ocracoke. To have the convenience of the village is nice. I go to all 3 locations. And I go to them for different reasons.
To answer you question, you can tent camp or you can rent a cabin. The cabins are nice but they are also a long run to the point/inlet. At low tide, not such a big deal because you can drive on the flat, solid beach. You can camp almost wherever you want. The nice thing is, you can move if you don't like where you are. The NPS site has the restrictions (http://www.nps.gov/calo/planyourvisit/camping.htm).
There are two driving paths; the back road and the beach. The back road is a single track for two-way traffic. At high tides or closed beach, that's the only way to move around. That can be a slow trip from the point. Driving on the south end between the point and the jetty can be tough due to really soft sand.
Your ferry leaves from Davis. You need to reserve early in the year if you're considering a fall trip. With the high fishing season being between late September and early November, the cabins and ferries for that time book in January.
I've tent camped at the NPS campsite in Ocracoke and I've stayed at Edwards of Ocracoke motel. I cabin it only on CALO and PI, no tents for me there.
Good luck and tight lines.