Been there many times, favorite place to stay is Sportsman's Resort on north side of lake.
May is a good time to be there, assuming you get decent weather. If it's cool the crappie may be biting good, if warm the bluegill fishing can be great.
If you are truly targeting crappie, I'd get down there earlier, maybe early April. You chance of hitting some rainy or cold weather this early, but I think your odds for good crappie fishing will be better. They get tougher to catch after spawn.
We go to Kentucky lake which isn't far from Reelfoot during spring break and do very well when we hit the weather right.