Yes, it's spelled Cookout Mountain rather than Lookout Mountain.  Presumably someone screwed up long ago and the name stuck!

There is indeed a lookout from Cookout.  It points south towards Bergland, and if it's a quiet day you can hear a decent amount of traffic noise from M-64.  That's not ideal obviously, even if the landscape is nearly devoid of development.  Also, because it looks south the lighting is fairly sucky most of the day, and you won't get a sunset or sunrise in summer.  The edge of the bluff is kinda crumbly and there aren't many good places to camp or have a fire, although I've done both.  

Access to this one is right off the Gogebic Ridge Trail.  Easy!