I think that is a great idea. Moreover, I should like to put in a plug for the township of Waterton. I absolutely love this town! You might want to check into the feasibility of catching the boat at Goat Haunt to get to Waterton. You can most certainly hike from Goat Haunt to Waterton, but I vote for the boat.
FYI, there is camping virtually right in town that you can use if you want. Or, perhaps, treat yourself to staying at one of the hotels/motels. Of course, if you want to splurge, you could stay at the Prince of Wales Hotel right on the lake.