I am from Central Texas so I cannot say what current levels are like personally. I will do a little research for you:
Lake Meredith is 98' low according to the TPWD Department Fish Report website: [log in for link]
It looks like inflow is 0.27 cfs.....You should call the lake office at (806)857-3151 and ask what the lake level is before heading up.
Google Earth imagery from one year ago shows it very low. Texas is in the midst of one of the worst droughts in recent history and we are losing entire forests. We lost 2800 homes and 4 million acres to fire: [log in for link]
Many of our lakes are very low right now. The panhandle was hit very hard.
You can try these other Lakes in the area. To get current conditions for most fishing spots in Texas enter this into a google search: TPWD <Insert Lake or park name>
Buffalo Lake Natl Wildlife Refuge
Lake Tanglewood is private and the only other large lake in the vicinity.
There is a small pond in Southeast Park in Canyon. Who knows whats in it, worth a shot.
If you were going to anywhere but the panhandle there would be more water to fish. However, the panhandle is much like far east colorado. It is more desert like than anything else. Okay not desert exactly, but mixed prairie. If you like hiking you should check out Palo Duro Canyon. It is the largest canyon in Texas. Its a great spot to visit.