Kelso, yes there is indeed a bait ban. If you float fish with wool, then you should get into lots of chum salmon easily. The colour that has been productive is pink, just a small piece on a #2 hook. The fish are almost as fresh as the ones in the Squamish, if you time it right with the tide. If the water level is adequate, if you are there a couple hours after high tide in Howe Sound, then your chance of encountering some fresh chum should be good. The disadvantage of the Cheakamus is that there are also many older chum salmon staging there. You can avoid catching these by fishing with a shallower float depth. I found that even with a 2 feet leader, I was still foul hooking some old fish. Once that leader was reduced to around 1 foot, that problem was solved. If you are fishing spoons, Gibbs Koho, Kitimat in the 1/2oz range should produce the odd coho if you are lucky. There is a daily limit of one hatchery coho, but you will find most of the ones that you catch are wild fish. As the season goes on, you will also find some bull trout and rainbow trout staging in tailouts, feasting on salmon eggs and dead spawners' flesh. These would be good practices for flyfishing. Also, be aware of the salmon fishing boundaries.
These being said, I don't think the water condition is very good as FishOn has already pointed out. Once we have a few cold nights, then it would be worth to give it a try.