First off, I have NOT been to AEP yet.... so I'll definitely be keeping an eye on the other replys on this forum. Hopefully my first trip will be in 2-3 weeks.
Anyways.... I would tend to say that Yes, the Bass are PROBABLY on their beds. I am basing this on the fact that a comparable (in size, location, type) body of water that I fished this past weekend had TONS of bedding Bass. However, I could definitely be wrong about AEP. But, if you use a Texas Rigged Zoom Finesse Worm with a 1/32 - 1/16 oz weight about 6" from the worm... you should be able to get them no matter what stage they're in. I've been using them in Pumpkin and Red Bug and have had almost non-stop action. I cast them out, let them free fall... slow gradual pull up about 2'... then let it fall back down while reeling in the slack. Pause for a while, repeat. Occasionally throw in a jerk or wiggle if the bite is tough.
I had a lot of success last time I was out throwing zoom double ringers with no weight at all. That slow fall seemed to really trigger the bite. When things started getting slow, I switched to a powerbait 5" shad, watermelon, again, no weight, and working it slow, trying to give it that injured minnow effect. I caught probably 25-30 bass in a 3 hour period during the morning hours. I was just hoping I could go back up there this weekend and make it happen again.