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If your growing enough fish to eat you are basically doing aquatic farming in a real small pond.

I don't recommend an island for at least two reasons. 1. It provides more shoreline and underwater surface area for filamentous algae (FA) to grow. You will constantly fight FA and you want as few places for it to grow as possible to reduce the work to get rid of it. In a small pond it if often best to just remove the FA rather than use chemicals so more algae means more work. Plus it will difficult to get to the island to deal with the FA or weeds. 2. The island will provide a baffle to suppress good water circulation from your aerator diffuser. If you have an island you will need 1 or 2 extra diffusers to get water circulation to the back side of the island. Good farming depends on good water circulation and good water quality.
SMB would live just fine in a small aerated pond; maybe too good in that they would reproduce too well and you would get too many bass eating too many perch that you want to harvest. In a small pond such as yours if you want predators, you want those that do not reproduce so you have good control of the number of predators - too many take a few out, not enough add a couple. Large perch 8"+ will eat small perch 1"-3" but maybe not a lot of them depending on other foods available. Pellet fed perch grow fast and stay fat.