Riva Del Garda (right at the top of the lake) is very nice. There's also a Dainese Pro shop there. Salo is also very nice, although it doesn't look it from the main road that runs through it, but along the edge of the lake is lovely.
Milan, Venice, Florence & of course Bologna (?) are all within reach (full day out) in a car or by bike.
Traffic around the lake is bad.
I also found a fantastic shop for bike kit:-
http://www.canellamoto.it/ Site is in Italian only, but it's about 5 mins off the A4 near Brescia. There were some fantastic bargains there. All the big names. Some is old stock, but they had the latest kit too.