Yes it is true Long Beach Blvd has heavy traffic in the summer but it is orderly and slow moving. The speed limit is enforced to prevent problems. There are many nice homes on LBB. I think this is a personal decision on what type of block you would like to be on and if that bothers you. I love LBI and feel that any area is a good area. Think about how far you are from the beach and bay at any point on the island. You can not find many places on the jersey shore that offers the same logistics.
My suggestion is to look at the house and if it is in a spot that you like. Take a look at the price and the comps to make sure it is priced correctly. You should stand in front of the house for a while to see if the spot is right for you. I know the seasonal traffic has not built up yet but just standing or sitting there for some time will give you a good idea of how it would be to live there. I would ask the homeowner or an agent to call the homeowner to let them know what you are doing so they do not think you are loitering.
Since the prices have come down on LBI it has now created a lot of interest in the area. I have 3 buyers right now looking on LBI and 2 are from California! This is probably a once in a lifetime opportunity to buy your dream vacation home at an affordable price.
If you need help call me. I cover LBI as one of my shore towns and we have a top agency on the island.
Of course if you are already working with an agent please disregard, I do not intend to solicit you from another agent.
Hope that helps