Hey JP,
There is no wading at the basin. Your actually standing on a raised wall with a metal fence around it.
As far as parking, There is limited parking right at the basin but you have to get there pretty early or late to secure a parking spot otherwise you may be driving around a while. I would suggest either bringing a roll of quarters with you just in case you can't find a spot or better than that, take the metro in. Its about a 3 block walk to the basin but then you dont need to deal with parking or the traffic.
Hope that helps and enjoy the views. :)
Aaron
P.S. Just make sure if you hook a tourist, It's catch and release ONLY!