I also would buy Farm Island. I would give a conservation easement to LRCT for people in canoes and kayaks to paddle to the island and walk on the trails I would build. I would also give an easement on the Belknap side to the camp. I would see if I could grandfather in the old boathouse which now sits on rocks on the island to return to its old position. Then I would rehab the house on the top of the island. I'd put new, safe electricity in it and give it a good cleaning and a water system of some sort (recycled water from the lake). Then I would invite four friends to come and each build a yurt or other environmentally sensitive/green friendly housing on the island. I would create a system of paths for walking to various viewpoints and one to the old cellar hole where I'd put benches modeled on the twig railing in the house and I'd instal hummingbird feeders by the benches. It would be my vision of paradise.
PS: I used to dream of buying Castle in the Clouds if I ever won the lottery.