Steve,
I've actually never been North of Point Judith Marina in the "pond". There are some decent marinas up there, Ram Point, Stone Cove, the URI sailing clubhouse and Point Judith Yacht Club. Yes it is shallow and I believe there are areas to anchor but I have never done it. They say the best spot is to anchor in the Harbor of Refuge, just inside the break wall. Never done it either but sailed through there enough. Get up close to the wall and it will be quite calm. Galilee is "smelly" but hey, its a real commercial fishing port! A dying breed unfortunately. I keep my boat mid-Bay, in North Kingstown on the West side. RT