You can walk thru the national park but this is more of a day activity than actual walking into town. It's a beautiful walk and then you can catch the free shuttle back into Sunshine. the shuttle only operates while Noosa is a traffic free zone so stops after about the second or third week of january.
We weren't fussed on the location because during january the car hoons like to race around from the surf club starting at around 11pm with about a 2am finish. The traffic starts again at about 5am for the early morning surfers. this is the only drawback to the units.
on the positive. We found there were plenty of restaurant options in Sunshine so didn't need to go into Noosa at all for evening meals. the large supermarket at noosa junction is great and you can get most essentials in the nearby shopping strip. meals at the surf club were very good but make sure you get in early unless you want to eat really late. the sheer number of diners in january pushes them to the limit.