Where are you looking on Long Island? That will make a difference in the snorkling. Ditto on Exuma. Depending on the time of year, you may want to look at some ocean side properties, as they offer a steady breeze during times of heat or sandflies, but in winter the sea can be too rough for snorkeling. Of you can look for something on the "lee" side, or the calm water side of the island -- typically shallower, but not as breezy. Best for the winter times, and the water is calm and good for snorkeling.
While I make no secret of my hopeless bias towards Long Island, I can appreciate the charms of Exuma as well. If you house is on Little Exuma, then you will find yourself in a good area. Otherwise, I would go to Long Island. It's far better in terms of infrastructure, charm and a wide variety of terrain to suit any tastes -- including the deepest (and prettiest) blue hole in the world in a calm, protested bay.
Long and the short, you can't go wrong between Little Exuma and Long Island, so it really comes down to your preference.
There are some nice rentals in the Clarence Town/Lochabar area. Make sure they are on the ocean side and in the lovely protected harbour/bay. Great snorkelling there. For thsi, fly into Deadman's Cay.
To the north, there are some nice rentasl on Cape Santa Maria/Galliot Cay. Not sure if it's still available, but White Sails is a good rental on the tip of Galliot Cay. It's a bit isolated in that it's off the beaten track, but you will have the advantage of a lovely shallow flats area to the rear of the property and a wonderful snorkeling reef in front of the house. You will need a car rental, but the caretakers are wonderful people -- I've known them my whole life. Or you can look into rentals at Stella Maris. If you rent from the resort, they also offer snorkeling trips to some great areas. If you rent a car, you can take it to the Columbus Monument and snorkel in Newton's Harbour. If you time it just right when the tide is ebbing, you can start at the beginning of the harbour and let the tide pull you along to the entrance of the harbour. It is idyllic and offers turtles and stingrays as well as many fish. For this end of the isalnd, you want to fly into Stella Maris airport.
There are many other areas, some more accessible by boat/rental car, so finding good snorkeling is never hard on Long Island.
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