Hi Meagan,
PEI is not that big - 4-5 days should be enough to explore most of the island, or settle down in one place and do some day trips. September is off season so there should be some good accommodation deals and availability.
We've gone to the Island every summer for the past 10 years and have explored most of it. My favourite parts are the tourist area known as Anne's Land and the area around St. Peter's Bay. They are the most scenic (I think). Charlottetown is great, but if you don't get out into rural PEI, you won't really get a taste of it. Similarly, being right in Cavendish isn't the best idea because it can be busy and very touristy. Staying a few miles away in Brackley Beach or Clinton pays big dividends.
Some things to do in PEI:
- relax on a beach (early September is best for this)
- golfing - the courses are stunning. We especially like Rustico Resort, which is not fancy or expensive.
- biking - the confederation trail rails to trails project offers trails right across the Island. The Homestead trail in Cavendish and Confederation Trail near from Morell to St. Peter's Bay are especially scenic. Biking is a very viable way to see good chunks of the Island, because it is reasonably flat.
- Dining - Dalvay by the Sea was wonderful. There is a great pub in Charlottetown on the edge of the downtown - it is part of an inn and has a patio out front, wish I could remember the name. The food was amazing.
- antiquing - there are some interesting finds and Canadian memorabilia at little shops you'll encounter.
Enjoy!