Right beside the lake, you'd be able to find a row of Tibetan merchants selling theor goods there. Not to say cheap but would be great to support them.
Very nice place. Boating is a must have experience. By cycle available for rent on hourly basis. You can take a round of the lake. It's an unique experience.
Try going to the backside of Lake, where there's this Kodaikanal Boat Club. All time there's availability of boats. Charges are the same as that of the government operated boats.