I'm going to base our trip out of Melbourne Florida. This is a central location from which to base explorations of the Space Coast as well as the Treasure Coast. We currently do not have any bed and breakfast listings in Melbourne, but I'd suggest Crane Creek Inn, 721-768-6416 or The Old Pineapple Inn, 888-776-9864.
The McLarty Treasure Museum is located on State Road A1A, two miles south of the Sebastian Inlet Bridge. The entrance fee is $1.00. The museum hosts treasure and is the site of the survivor's camp from a 1715 Spanish Plate Fleet. Eleven ships loaded with gold and silver went down in a hurricane. The treasure was forgotten for 250 years until treasure hunters relocated it. For background, take a look at: http://www.hrd1715.com/1715_Story.com.
After leaving the museum head up the coast until your see the sign's for the Sebastian Inlet State Park. Take the second park entrance. There is a parking fee of $5.00. Take a walk on the pier to view Manatees, dolphins, and other fish. I like the second pier as it is less crowded. Take a walk on the beach and see pelicans and other tropical birds. If your are more adventurous, you can also rent kayaks from the Inlet Marina 1-800-952-1196.
I would be looking for lunch next. We usually stop at Mike's Hula Grill on 806 Indian River Drive. It is casual dining and offers seating with views of the river. To get there from the inlet, continue south on Indian River Drive until you see the signs for US 1. Take this exit, and turn north on US1. Turn right on Coolidge St. The restaurant will be on your left.