The area immediately surrounding the Lake Tower is filled with a variety of enemies, including Red, Blue, and Black Bokoblin, along with Green, Blue, and Fire-Breath Lizalfos. There are also a few Fire Wizzrobes that patrol the area.
At the various small camps, there are a number of treasure chests that can be found. Just southeast of the tower, there is a wooden treasure chest that contains a Soldier's Spear. Just east of the tower, there is a wooden treasure chest that contains ten arrows. There are a trio of treasure chests just north of the tower that contain ten arrows, an Opal gem, and a Boomerang.
There are numerous Rushrooms in the area as well, often right next to each other, making for a good location to farm them.