Grand Bahama has a large hotels in Freeport, Port Lucaya. There are several small outlying communities, native settlements. Some of these also have accomodations while others have dedicated bonefish lodges. If you are traveling with non fishing companions, who want more typical tourist activities you should probably choose a hotel in Freeort/ Port Lucaya. One of these is Pelican bay. They will also provide guides and boats. Another is Our Lucaya either the Westin or Sheraton depending on the accomoadations you want. Of course you can stay anywhere.
There are two independent guides that I recommend; Sam Taylor and Phil THompson. I have fished with both this year. Sam fishes mostly out of Hawksbill Creek which is a short ride from the metro area while Phil provides guides and boats out of McClains town wich is about an hours drive on the far east end in the area of Deep water Cay.
DIY bonefishing is difficult on this island. The north side is the baham bank and it is shallow water with mangroves throughout. IT is not easily accessible and the bottom is very soft and not very wadeable. You pretty much have to have a boat, but the only ones to rent are on the south shore. There are numerous beaches on the south shore which are easly accessible by car (0r scooter). The best appear to be to the east although I have a friend who caught a bonefish this winter on a spinning rod within half a mile of Our Lucaya which is beach with a lot of tourist foot traffic. If you get out of town away from the beaches you are more likely to do well but I don't think you will see as many fish there as you would on the north side. I have heard many people brag about this or that beach but I have never seen anywhere the numbers of fish that they claim. One other area to try would be close to an old missle base and pier about 30 minutes east. This may be part of a national park however. It is not posted.
You might try driving to McClains town and then I think that there is a ferry to Sweetings Cay. I have been there by guide boat but not by ferry. I have seen alot of fish there. If you can get to a beach with a rising tide, you should do well. This is about the only island that is close enough for you to get to easily. Most of the rest require a flight or a private boat and then none is real close. More's island for instance is probably 80 miles from Freeport.
If you want a completely isolated fishing experience I have been to a resort on Water Cay, but from what I saw this would strictly be guided fishing as there are no beaches. North Riding Point and Deep Water Cay are the premier bonefish lodges on the island. A new one has opened close to west end called Bootle bay (I have not fished with them)and they will pick you up as will Sam Taylor if you choose to stay at the upscale Old bahama bay.