I live two hours from Point Reyes and proposed to my wife there many years ago. Be sure and stop at North Beach and South Beach for good views of the Pacific and surf. Stay out of the water there as it is difficult to get out of the surf. If you want to wet your toes Drake beach is safe for wading. The cafe there is open on weekends and holidays.
There are many historical and active cattle ranches at Point Reyes that were grandfathered in when the Seashore was established in the sixties. Very photogenic! Like one fellow posted, McClure Beach and an abandoned dairy in that area are nice for pictures. If the oyster farm is still open stop there and get a few shots of the shuckers in action.
I usually stay at Motel Inverness in Inverness. Nice views of Tomales Bay from behind the motel

Mark, I'm sure if there has been rain it would have more water.
Last time is was there was this past June, and the water seemed about normal. It might be spring fed. If the water gets much higher you won't be able to cross from one side to the other.
There are actually three different falls. One more up in the canyon, another near the beach and the one that drops onto the beach. But it is a good hike.
There is a rope swing into the lake on the main road before you get there if you want to join the kids for a swim!! :lol:
SS