Absolutely. NF is 30 mins from me.
Free camping spots are unavailable. But, there is a fairly close campground (cheap too) 4 Mile Creek State Park in Youngstown, NY.
Most of the touristy attractions are on the Canadian side. If you plan to go there, I'd recommend bringing your passport or enhanced drivers license. Its also easier to walk across the bridge than drive. Free parking is available at the casino, a few blocks away.
Unfortunately, there isn't much to eat on the US side unless you're into Indian or Chinese. So, you'd have to venture to nearby Youngstown or Lewiston, NY or head for the highly populated Town of Niagara (about 20 mins from the falls)
Hiking is free at the Niagara Gorge just downstream from the falls, and you can take guided tours too. There's the Maid of the Mist boat tour (bring a change of clothes) for $15? I think. maybe less. Then there's museums, an aquarium, the aforementioned casino, Artpark isn't far away and offers cheap or free near nightly concerts. Then of course there's Buffalo too.
Lemme know if you have any questions.