Aside from Toketee Falls, there are plenty of other falls to visit during down time (I forget the names of all the falls but there is a pamphlet at Steamboat Inn). My wife and 2 daughters camp with me at Susan Creek and they love the hikes to the many falls in the area.
My schedule usually is wake up early to fish the morning session while my girls sleep in (I will make sure to make enough noise to wake SLSS up to remind him what real steelheading is like), then hunt steelhead with dryflies til about noon and head back to camp for lunch with the girls, followed by a hike to local falls. Rest for an hour or so, and then wader up for the evening session. Fish dries till dark, then head back to camp for dinner and brews (and listen to SLSS replay his story of how he woke up at 10 am, dripped a cup of gourmet coffee, pulled in to a pullout he'd never fished before, slipped down the trail, tied up a muddler and threw a triple snake roll under some overhanging branches, watched a pegasus soar over the pool, and a chrome bright hen explodes on his muddler, capped off with 3.14 at the Inn...I might have embellished that story a wee bit).
Enjoy that gem of a river.