If you're looking for one spot to stay and be able to fish both lakes, then stay at one of the places on the south end of Rayburn. If you're asking for separate places on each lake, you have several options as far as hotel go - Rayburn Inn (south end), Rayburn Country Hotel (south end) and Lakeview Motel (mid lake). All of these have access to decent food.
Fin & Feather on Toledo is hard to beat. Nice motel rooms, right on the water and a good restaurant/bar.