Why not simply email the IW Council and ask them. If it is okay - a piece of paper from them in your hand could be very useful if PC Plod or some or other fussy person wants to move you on.
http://www.iwight.com/
That should get your somewhere.
I lived at the IW for many years but that was back in the 60s and busking was okay then.. depending on the spot you chose.
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sj