Tourism has virtually dried up in recent years and local tour companies have closed shop. However, your hotel should be able to rustle up a local guide and transport through one of the security companies.
Most sleeping options are in Top Town or Eriku.
The cheapest meals can be found at any of the numerous kai bars (cheap takeaway food bars) dotted around town and most have a few plastic tables and chairs inside. A greasy plate of kaukau (sweet potato), aibika (greens) creamed with coconut and chicken comes heaped with a lot of local conversation and costs around K15.
As there are no taxis and it is unsafe to walk at night, the reality of dining out in Lae makes it likely you’ll eat where you sleep.