Devils Lake is in the middle of Lincoln City. Access is best in three spots: (#1) Regatta Park has a great launch spot with a dock, playground, picnic tables and it's free. Follow the signs to the hospital, park is just south a few blocks. (#2 and #3) Devil's Lake State Parks: the park on the east side is day-use with fee. Launch and picnic areas are good, but quite a few motorized watercraft are launched from here. The west side State Park has camping, yurts and a day-use area. This is best for multiple days as camping is cheap and the launch site is clean and quiet. Check out the Oregon State Parks website for camping info.
Overall I'd rate all three launch sites good, just depends on what your day/weekend plans are.
The outlet of the lake is the Pacific Ocean through the shortest river in the world, 'D' River. Although the little river is not much more than nook and cranny of the lake, do not attempt to use it to access the ocean. Check it out, but it won't put you in the ocean. Safety isn't the issue, it's just shallow and can't be easily navigated.
Lots of wildlife abound everywhere along the shores. Dozens of bird and waterfowl species. Birds of prey are a common site as are otter and deer.
One of the animals you might or might not see is the Devil Lake monster. Native American legend has it that a monster escaped from the ocean and took refuge in the lake. I've never seen it, but am always on the look-out.
Devil's Lake SP has camping and yurts, Lincoln City and every town along the coast have something. A few websites also list vacation rentals along the lake or within the area.
minimal fees only apply at both state park sites
Get to US Hwy. 101 and head north or south depending on your latitude. Lincoln City is north of Newport and South of Tillamook.
If coming from the Portland or Salem area take Hwy 18 west and it will bring you directly into Lincoln City, right next to the lake.
Oregon State Parks or Lincoln City Visitors Assoc.