Look on google maps. Look for Harper's Cove Rd, Clinton AR.
This will show you the area of Greers that I'm most familiar with. You will see the lake just to the south of the road. You will notice that there is an island there. The west side of that island has several stick ups there and its great fishing in the spring and fall, but it see's a lot of pressure.
This end of the lake is where the Red River comes into the lake. Find the channel and look for the drop offs into the channel on each side. Greers is an odd lake for Arkansas, in that it has very steep and quick drops and it goes to well over 80 feet in some places. What you're looking for is drop offs into the channel in about 12 to 40 feet of water. Since the lake is impounded (man made), there is still a lot of habitat by way of submerged trees. When you find these trees on that drop, take a good look and you might find Ole Paper Mouth.
I've had decent luck fishing crickets and minnows (although, I know of only one place, in Choctaw, to buy minnows around Greers Ferry Lake. For some reason, the marinas only sell worms. I don't know why.
Anyway, I hope this helps you some. Greers Ferry is a huge lake and its hard to figure out. Oh, and the idiots are out in spades on the weekends there, so take care to fish early and late.
Good luck
Quit complaining about the color, just pull up your skirt and fish! -- snagged