Newport Beach Pier is a great place to swim, surf, and fish. I went during early May and the water was freezing! I had to rent a wetsuit to go in the water.
I recommend to get your coffee at Newport Coffee Company and eat at Hook and Anchor or Bluewater Grill for casual, seafood dining.
Rent any wetsuits, chairs, umbrellas, bikes, sporting equipment at Newport Bike & Beach Rentals located at 106 22nd St. They have excellent prices. You can rent a body board for $12 for the whole day and a surf board for $20!
Alternatively, you can book a whale watching cruise or take surfing lessons.
I stayed at Ramada by Wyndham Costa Mesa/Newport Beach (3 Star Hotel) which was a 10 minute drive from Newport Beach. It has a great location, is located right by Trader Joes, and was affordable. I have also stayed at Hyatt Regency Newport Beach (4 Star Hotel) which is a 10 minute drive from the beach as well and close to Fashion Island.