To me, the best bachelor parties are those that mix in some of the bars and nightlife, but with plenty of relaxation time too - fishing, poker, bbq, etc.
So I like the Lake Travis idea. The plus is that there are tons of really nice houses to rent, and no shortage of nearby activities. The drawback is that it is kind of spread out - the lake is huge and has only limited nightlife, and downtown Austin is anywhere from 20-60 mins away. You don't want a bunch of drunk guys on those hill country roads at night.
I'd also take a look at Port Aransas, TX - that is where I had my bachelor party, and I've helped throw one other one there.
Its just the right size - big enough so there are some good bars and clubs with local girls, but small enough where you can get around town very easily, and the cab ride home is only a few bucks. You can also rent some nice big houses.
Also good fishing in Port A (maybe not quite up to LA standards, but it'll do
Grand Isle isn't bad either, with great offshore fishing and some nice houses to rent, but its a little more limited with nightlife.