I feel like I'd end up building a house on that one island in Dinosaur Land that was rumored to have the Laser Suit on it. Not because of the hoax though, it just seems like a nice little area to live on. As for the rest of the place, I'd probably just end up exploring a whole lot of it. Assuming that things to me would look semi-realistic, rather than in the Super Mario World style, I believe several places and landmarks would look very fascinating. Donut Secret 2 and Star World's map for example.
Just imagine being in a completely icy cavern, every wall glowing a bright and cold blue as reflections bounce left and right off the stalagmites. Or imagine being way up high in the stratosphere, above the clouds on a dreamy star-shaped platform; the stars glimmer on with the moon in clear view, looking almost as if you reach out and grab them.
I'd also totally go scuba diving in Soda Lake to see if the body of water is actually carbonated (and be dissapointed to find out that it's just salt water).
--------------------What is a Lunar Magic, and can I eat it?