As far as I've seen, SBY is not low cost of living, but that's all relative. Relative to NYC or CHO it is cheap, relative to ROA or SYR, it is kind of expensive. If it's where you want to be, it'd probably be just fine and not an expensive place to live, all things being equal. It's a nice little base, park right next to the terminal, 2 minutes from the crew room. Ocean City 30 minutes away, most everything else you want within 15 minutes or so. If you lived there, you'd probably love it.

Reserve call out in SBY would be 75 minutes, that's the default. 90 minutes for an airport with a busing operation, 120 for metro areas (LGA). No ready reserve, the rules for it are too restrictive for the way PDT runs. How long the reserve is changes rapidly, right now new hires might be getting lines, in a few months new hires may sit reserve for a while. Everyone's mileage varies, but I hadn't heard of anyone sitting reserve for more than a couple of months anymore, the way things are going.

Good luck!