1) Well the first place to check out is Supertubes. I mean that place is one of my favourite waves anywhere in the world. It is awesome whether it's 1 foot or 8 foot and delivers some of the best tubes on the planet, but also is great for airs as well.
2) While Peniche is a cool place to visit all year round, I think you have to go when the Rip Curl Pro is in town. The vibe on the beach is crazy, one of the best atmospheres of any stop on tour. It's awesome to have a beer down at the bars when the contest is on. It's pretty crazy all the time, but goes especially mad when local boy Tiago Pires has a heat on!