Eleuthera... Surfer's Haven.
Neal and Rachel are awesome. Scotty B is probably still there. If Scotty is there, you will be hooked up. It is insanely peacefull with a great beach you can walk to. They rent boards there also.
http://www.bahamasadventures.com/surfers_haven.lasso
It is certainly not posh, but it was some of the most pleasant days I have spent anywhere. If 5 people are on the beach, they consider that a crowded day. Plus $50/night. With that price you can save up enough to buy a plot of land there (~$4,000, ~$8,000 for beach front. Neal is also the real estate agent)
Neal and Rachel are both locals, so they know all the cool places to go as well as who to call. For example, there is no rental car agency, so if you want a car, they will call Tommy, and he'll drive a car over. When you are done, you leave the keys in the ignition and drop it off by the baseball field.