As you are coming out of the ferry terminal in Port aux Basques, the first exit to the right is Highway 470, to Isle aux Morts. The first turn-off east of Port aux Basques is for Margaree, Fox Roost.
If you are coming towards Port aux Basques on the Trans Canada it will look like you are driving into the ferry terminal. You'll pass signs thanking you for visiting the province. Don't be fooled, just before you get to the terminal, there's a final exit for Highway 470.
We drove into Margaree looking for the Sea Shore restaurant, we were catching the ferry home that same night. The place was packed, it's very popular with the locals. We had the pork chop special and couldn't finish. We passed on the included dessert. I ended up taking a nap in the ferry parking lot before we loaded.
Apparently, I'm the spitting image of a guy from Rose Blanche named Lloyd. The staff asked if I was Lloyd. The food and service were great, we'll return.
You can see the ferry terminal across the bay from Margaree. If you take a drive through town and further down the road to Fox Roost, there are several good spots to take photos.
(click photos to enlarge, click caption for mapped location)
Before you head to Newfoundland, you may want to consider one or more of the great field guides that are available. We have done short reviews of the following:
Newfoundland books available from Amazon.ca (Canada)
Newfoundland books available from Amazon.com (USA)