I also sail out of Annapolis, although I sail out of Whitehall Bay just north of the Severn. The Choptank isn't a bad sail for a fast boat. Personally I find that sailing, or motoring the last leg between the mouth of the Tred Avon all the way up the Choptank to Cambridge is a pain in the butt. There are much nicer places than Cambridge on the Choptank and the last leg from the Tred Avon is a typically a long slow slog, or more often, motor.
As others have said, Cambridge is a very long day's sail. Usually a large part of the trip is a beat, although I have made the whole trip without tacking or jibing on a day with strong northwest winds.
On a slow, 30 footer, this can easily be a 14-18 hour trip.
As others have said, it probably would make sense to make a short 14 mile hop to the Rhode River the evening before, and then jump off from there. The Rhode River is easy to enter and does not add all that much to the overall length of the trip.
Knapps Narrows is a mixed blessing. On a fast boat, by the time that you drop sails, motor carefully up the channel, wait for the bridge, and raise sails on the other side, Knapp's Narrows doesn't save much, if any time. But if you draw 4 feet or less, and hit Knapp's Narrows near high tide, and you don't have a fast boat, then Knapp's Narrows can save maybe an hour.
The trip home is typically slower than the trip down since in our prevailing winds, it can be a dead run almost all of the way.
Personally, I am not a big fan of Dunns Cove as a bail out. It only makes sense if you are going through Knapps Narrows. I more typically go into either Edge Creek or Leadingham Cove off of Broad Creek, which are less of a detour than Dunns and really nice places to anchor for the night.
If you are shallow, you can always duck into Trappe Creek as well.
I have anchored in the River at Cambridge but that is a really bumpy anchorage. When I have been in a marina I have tied up at the Yacht Maintenance Company which is the first working boatyard that you pass on the east side of the channel into Town Creek. There isn't much in the way of facilities, but it was quiet and cheap and an easy walk to town. If you make arrangements in advance you can also stay at the Municipal Yacht basin. The municipal yacht basis used to be more expensive but they have very nice facilities.
Jeff