I was just there this past weekend. all 4 friends I brought had to rent(BMX riders I'm converting over to MTB) There are a few shops on the main street as you come in, they rented from one right before you turn onto the street leading to the parking lot for Summit. its a red hut kinda thing. decent bikes. I did see a shpo much closer to the entrance of town that looked to have nicer bikes. but this place shouls be fine, it was $30 for half day and $40 for afull day on some Giant F/S rigs. He gave everyone the half day price for the full day too.
Cheap places - don't really know, I always stay free at my friends cabin on the base of the mountain, but there are tons of places to stay up there, you shouldn't have a problem.
Bars - in a few more months I'll be able to help ya with this one.