From memory, I think I moved Bakshaan inland because A) in The Stealer of Souls it's described as being the richest city in the north-east, and B) because in Elric at the End of Time there's a description of Bakshaan being in the midst of (or at least at the edge of) a grassy plain. There are certainly no references to it being a major port or coastal city in Moorcock's stories that I know if to date (though I've yet to read The Citadel of Forgotten Myths, I confess, though it is on my reading pile).
And Nick, I do love your Erratic Ilmioran Sailor - a lovely in-game reference!