Lamma is not particularly cheap compared to many places in Hong Kong (other outlying islands, new territories etc) however it's probably the cheapest recognisably 'expat' place, if that's what you're looking for.
If you're a journalist bear in mind that they don't have much in the way of decadent luxuries such as electricity, houses or telecommunications and the people there live off the land, catching small grubs and rodents and picking berries. Communication is mainly by smoke signals and bongo drum relays so make sure your publication accepts submissions in those formats. Also, if there's a breaking news story on the mainland, by the time you paddle your canoe to civilisation it may be all over.
In terms of creativity, the expatriates of Lamma are indeed famous for their grass-weaving skills as all furniture and what passes for buildings are constructed from mud and grass. They are also adept at making simple clothing from the skins of small animals.