Golf carts are hella expensive on Catalina, and there are only a few places you can take them as a majority of the island is closed to public traffic. Two hours is probably more than you would need one. There are a few cart rental concessions in Avalon, and they are easy to find.
The surface temperature of the water will be near its annual peak if you enjoy snorkeling. There is a protected marine park next to the casino (it is not a gambling casino) where you can watch SCUBA diving students. Bubble Gum and Lover's Coves are good snorkeling spots, but watch out for the glass bottom boats.
I liked the interior tour. Yes, it was a group thing, but fun and informative. Likewise, try the glass bottom boat tour over the semi-submersible if you are not snorkel-inclined.
Shopping, dining, and drinking opportunites abound. 
The Sea Lion Rock excursion is nice if you don't mind bouncing around on a small boat.
~ MattInSoCal
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