I live on lake alice, and it is my understanding that there is a water easment that is +/- 6 inches from the mean water level. In otherwords the water level can vary no more then 6 inches.
In the 20+ years we have had one drawdown in 1986ish for repairs to the dam, but that is it.
As for the fishing, it has been improving over the years as far as I can tell. Spring is great for walleye and bass, and you can catch northern and musky there anytime. Biggest so far for me is a 44" musky about 3 years ago, but I am catching them more frequently.
If you like panfish, the bluegills, perch, and crappies are fairly easy to get and are of decent size -- not as much of the "stunted" 3" bluegills.. Wax worms work great year round as do small minnows.
The only thing about Lake Alice fishing is be prepared to loose tackle at an alarming rate. The stumps are brutal and eat lures with abandon. Best bet is a gold hook, live bait, and a bobber. Leave all the fancy lures at home.
But then again, I like the boat, sunset, quiet time as much as the fishing.
*** The opinions expressed herein are uniquely MY OWN and should not be construed as an endorsement of any sort by my employers or of any professional associations to which I hold membership. I can dig myself into holes just fine without their help, thank you very much***