For the money, especially with financial aid, boarding school back east might be a better value and also better education.
You are right, but it's a very complex process. First and foremost, ask yourself a question: "Am I ready to send my kid 3000 miles away? Is my kid ready to be away from home? "
The acceptance rates for "good" schools is quite low, so your child needs to be an excellent student and a great hockey player. The SSAT test result should also be high to be able to compete. To put things in perspective, there are usually 1000 people applying for 100 spots. Of course, there are schools that are "hockey mills", so if the academics are not important, by all means, consider these options.
The process starts in the fall, with most schools having a deadline of January 15th. If the coach is not looking for a forward, or a goalie or a defensemen for next season, chances are if your kid is playing the position that's not being sought, he won't get accepted or get financial aid. It's a small chunk of change to shell out 50K+ for boarding school per year. It can crush your kid's spirit if you fly back east to tour the schools, go to the interviews, go through the application process (write gazillion essays, get recommendations from the teachers and counselors, pay application fees to every school) just to find out that the kid didn't get accepted for whatever reason
My suggestion is to move in that direction only if your child has been approached by a scout or scouts from a particular prep school, consider conducting Skype interviews prior to spending money flying back East, staying in a hotel, etc. Stick to a few schools only, you pay admission fees per every application.
Hope this helps.