Sorry for the lack of info on my experience. I'll break things down.
1.) I grew up fishing the NW with my dad. Mainly Tillamook bay with a little ocean fishing. Have been over the columbia bar a few times with him too. (Can be scarry).
2.) I have not been fishing out of newport since I was a kid but if I remember right we fished for flownder in the bay and also took a charter or two out for bottom fish.
3.) The largest Halibut we ever pulled in the boat was 50#'s and I know enough not to put one in the boat that size until it's dead. You only make that mistake once.
4.) We would probably fish stone wall banks since that looks like the closest option although I understand depending on weather that driving north on the return trip can be more difficult since most days you would be fighting the wind.
5.) It's not my boat but my buddy has a 19' jet boat. I know it's not ideal but thought that stonewall would be do able.
6.) My comment about 4' seas was more for our own comfort

. As long as I take dramamine and don't stare at the bottom of the boat I usually don't have a problem.
It's good to know that the seas don't lie down too much in may and june. It might not be realistic for us to do it then.
My main question was is there anything to fish for inside the bay. Of course there's crabs and it sounds like herring (do they fight hard? -Just kidding).