Never toobed Newport Harbor, just rented the skiffs at Davey's Locker... If you're gonna toob it, try the PCH overpass side. You'll see a restaurant on the south side of the overpass with a steamboat looking thingy outside of it. Start there and drift that whole stretch on an incoming tide... for halibut, white sea bass (shorts, but still fun), and bay bass. Live chovies -- flylined (watch out for the gars when flylining...) or on dropper loop is the best bet... I've also had luck with rootbeer or motoroil grubs here as well.

If you can do without the traffic, check out the outer south side of the jetty, opposite of the wedge (little corona side). I've fished and dove this side for lobster and halibut -- lotsa corbina and halibut on this side. My personal record for halibut there is 22lbs, night diving with my hawaiian sling :P. Have fun!