We have anchored just off the shoreline on the Belcarra side, at the intersection between Indian Arm and Burrard Inlet, a few times. It was pretty much where we ended up getting to after leaving Mosquito Creek in the late afternoon and having the wind die on us. It was comfortable and there is good shore access near Admiralty Point at a rocky beach with some nice easy hiking trails nearby.
We have not anchored further up the Arm, but sailed to a dock there once. I recall light winds and lots of wind shadows due to the terrain. Looking at the forecast, I expect you will not have to worry about any rough nights on the hook, regardless of where you anchor.