Sam you are way over dramatizing this. I've never heard of anyone going through the mountain route (which I assume you mean mass pike) to Newport.
I've done this drive a lot and it is simple if you plan correctly. Then again even driving to the NJ shore last 4th of July weekend we had no problems at all and made it from Newport through NYC in 3 hours both ways. It's a 7 hour drive from Newport to Annapolis. Sam both times you did it was extreme traffic (flooding highways are pretty extreme and would cause traffic anywhere).
Yes you may want to check traffic ahead of time, but 2 phones and an ipad... are you kidding me?! Sam, I am going to give you a hard time for that one for a while.
I've gotten the drive down and honestly usually take the GW especially now that improvements have been made to the roads.
But best bet for out of towners is to get to 287 to the Tapenzee Bridge. After that, if you are going through at a reasonable time, you can take 95.
If you're concerned about traffic on the Connecticut Turnpike hop onto 684 to 84 to route 9 to 95.
Do not drive on any parkways in CT or NY (NJ is okay) with trailers (most temping would be route 15 the merritt parkway). If you don't have a trailer take the Merritt instead of the 684 route no matter what over 95.
Tolls in NJ and the bridges aren't cheap... probably $30-$35 for all of NJ and the bridge each way.
Overall, I definitely wouldn't let the drive phase you. It can be a little brutal but it doesn't hold a torch to LA or San Fran traffic.

As far as lodging goes, yes Newport will be expensive. Warwick (West of Providence) and Fall River (east of Providence) and Middletown (north of Newport) will be the cheaper if you book soon, if you wait they won't be much cheaper.