A lake nearby that I have never fished is labeled" Catch and Release" for Largemouth Bass.

The lake I do fish on a regular basis has alot of Dink fish it,with an occasional 2-5 lber caught. Cant say this lake consistently produces a good number of larger fish.

What are the chances of catching more quality fish at the catch and release lake. Id like to get into some fish that would go at least 2 lbs

I would think that would totally depend on how the C&R lake is managed and how healthy it is.  Dont know that C&R only lakes would have better numbers of large fish.  It may be C&R only because it has been overfished.  Some lakes are better than others obviously, but the most dramatic difference I have seen is in places that very rarely see fishermen at all.  Such as golf course ponds and reservoirs it is illegal to fish.  

try to find some local fishing boards in your area  they will know more about lakes near you , than we would ever know

The pothole I fish the most is C&R only for bass.  Tons of dinks and just a few decent fish.

I'm sure the C&R rule is observed.   :

I've kept a few small fish from there.  The problem is when people catch a 6 or 7 lb. fish and keep it.