The main hiking I see is the trek to La Junta, and as I'll be there just for the day it'd be nice if I could find something with good views of the region without having to camp.

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If you're only taking a day trip from Cochamó, there are still some great options other than investing the full-time in a La Junta trek. The Trail to the Toboganes (natural rock slides) is a great hike, and a good option — it takes about 2–3 hours for a round trip, and it has lovely river and valley views. A shorter option would be to hike partway along the La Junta trail; in fact, you could hike in about an hour's time, and it has nice views of forest and granite peaks in the distance.

If you are looking for something more panoramic, the Paso El León area is an option outside of town; however, you will need a fairly receptive local tour guide to get to this route. Keep in mind this area is remote, but it is safe as long as you are prepared with good shoes, rain attire, and food, as there will be no services on the trails!

Family-run small hostales in Cochamó village are very simple, yet cozy for lodging. Hostería Cochamó or Campo Aventura's lodge (they have budget rooms too) would be a good option if you want local character, but not fancy.