Buses to Masvingo leave when full from Harare's Mbare bus station, cost about $7 and take about five hours. You can also get one of the "luxury" buses between Johannesburg and Harare's Roadport terminus which take about 4 hours and will drop you at the Exor Service Station on the outskirts of Masvingo, but this costs about $15 prebooked. They cannot be booked on the return - and the buses pass through Masvingo before noon - you just wait for a bus with some space at the Exor service station and pay around $7 direct to the bus conductor (avoid the touts who overcharge). Minibuses to/from Bulawayo cost about $8 and take 4.5 to 5 hours. In Masvingo, standard transport to/from both Harare and Bulawayo arrives/departs from Bradburn Street, on the western edge of the city centre (marked on Google Maps). There are also buses/minibuses towards Mutare.
The town is sufficiently small enough you can get around on foot.
The Great Zimbabwe ruins are about 25km south of town.
Not much available apart from Chicken Inn and Pizza Inn. You may also eat at the Victoria Hotel restaurant.
Norma Jeane's Lake View Resort, firstname.lastname@example.org, ☎ +263-39-264879, . 10 mins away from the Ruins overlooking Lake Mutirikwi / Lake Kyle the ruins and the main road. campsite, self catering and hotel rooms. (20deg15min00sec S,31deg00min10sec E) edit
The stone ruins of Great Zimbabwe are about 25km south of the city. You can get a combi from behind the TM supermarket just south of the town centre, costing around $1 and taking around 20-30 minutes. This will drop you about 2km from the gate to the ruins. Taking a taxi is also possible but much more expensive($40 - $50 stay 2hrs and return).