Chuck,
Its not difficult at all to draw. Three of us who hunt together applied this year for the archery hunt and all three of us were drawn. Cost for applying is negligible ($5) and then hunt permit for the NWR is $20. You also have to have Virginia hunting and big game license to hunt. I'll try to check the non-resident prices on those and post them this evening.
No camping on site, but the town of Chincoteague is right across the bay from the island. Camping, cottages, and motels there.
Access is by foot off of the service road that runs the length of the island.
Ken