Open water and waves pretty much says out in the Atlantic although the lower bay can get some waves if the wind is up.
On the Atlantic the two problems are:
1. On the Delaware and Maryland shore, the shoreline is all developed.
2. On the Virginia shore the shoreline is all owned by conservation organizations that do not allow camping on their coast. See comment above.
The exception is Assateague/Chincoteague. Assateague island has camping sites along the bayside. I do not know what type of reception you would get trying to camp on the beach. Many cars are allowed down on the beach from the National Park. They are usually there overnnight while surf fishing. I have never seen them actually have a tent up. Check with the National Park Service. I think the answer will be NO but would like to hear back what you actually find.
The campsites are on the back side of the marsh and are either not accessible or quite a haul from the surf .line.
If you send an email to the email address at the bottom of the home page http://www.seakayak.ws I can talk to you offline about the Virginia barrier islands.
On the inside of the bay there are several good beaches on Tangier Island and the islands in between Smith and Tangier and on the outer islands of the Virginia penninsula in the shallow waters there. Wave action is unlikely unless it is unusually windy.