I've been there several times - I live about an hour away. Never stayed there, so can't make any recommendations. If you are planning to go with a guide, I can recommend Striper Guide Service. Tim Grace and his guys are great and will work really hard to put you on fish.
If you are trolling on your own, they use a couple of techniques. First is slow trolling - about 1 mph using live bait. Live bait is usually shad, alewifes or live rainbow trout. You have to have a state license to net shad and alewifes and they are not sold in bait shops. I use one flat line off the starboard corner, one weighted line down about 15-18 feet off the port corner. I also use four lines on planers - offshore brand in lines - with 3/4 oz sliding sinkers and 8 - 12 foot leaders.
The other method is to pull lures and spoons at about 2 - 2.5 mph using downriggers and planers. This lake is long and narrow and it is never difficult to see where the trollers are. The launch areas are free and there is plenty of parking - especially in the fall when the skiers and partiers thin out.
Good fishing starts out close to the dam in the spring, moves up lake during summer and back down again towards fall. There can be a lot of grass to foul your presentations in the late summer and fall.
Oh, by the way, no trip to Raystown is complete until you pull your bait or lures over the hump in Beer Barrel Bay.