I've lived in Soldotna is the summer for 20 years. The peninsula is a special place. Yes, the best salmon fishing is on the Kenai river, but even if your not a fisherman there is plenty to do and you can do it cheaply. You don't need a guide for the Kenai although it may be more effecient if you're limited for time. Near the airport in Soldotna are public fishing areas. Ask at the local fishing shops they will be happy to direct you. Clamming is really fun for everyone. Get a tide table at the fishing shops or gas station for free. -2 tide is o.k. -3 or -4 is best. People on the beach are friendly and can show you how. Pick up a clam shovel and a pair of gloves at Fred Meyers. You can get a frosting bucket from their bakery for $5 if they have any. Clam Gulch is a favorite but there are many spots between Kenai and Anchor Point. Usually you can find someone to clean them at a roadside stand and the beach entrances. Licenses are about $10 a day. If you clean them yourselves throw a little corn meal in the bucket after you get them with a little water. It helps clean the sand out.
It's worth a stop in Nilichik to see the view from the Russian church. It's on the hill just before you get into town. It's spectacular in July when the Fireweed are in bloom.
Don't miss the Norman Lowell Gallery near Anchor point mile marker 160.9. It's an amazing place tucked in the woods. Even if you're not into galleries, stop. It's free and you will be amazed.
Homer is terrific. If you have the time there is great sea kayaking in the bay. Take the ferry over to Cordova. It's cheap and you'll see alot of sealife. The dock area is great for people and boat watching. If you want to go fishing check out the dock area first in the afternoon. Watch the tourist fishing boats come in. If all they're bringing in are chickens (small halibut)the fishing may not be good or they are going to the same spot day after day. Talk to the guests as they leave. it will give you a much better feel of who to book with the next day. Crews often change from year to year as does the fishing. If you want a trophy fish you may want a different type of trip than a group going for small fish. Personally the best eating fish are in the 20-30 lbs range. The really big ones make a good picture but don't taste as good (stringy). The smaller boats with 6 or fewer guests tend to be more accomidating. If you need a full bathroom you may want a bigger boat. It's a long day on the water. Bring layers and your own necessities.
The Homestead restaurant in Homer is fine dining and is great. You will need a reservation.
The best fish and chips in Homer are at Land's End.
If you're a boat enthusist check out the Katchemak gear shed. It's the locals place for boating gear and a fun place to poke around.