I would like to invite you to one of the nicest places I have been to on Hvar Island. You don´t need to walk around whole peninsula for finding the cache. You can walk there and back, but I recomend you to take whole walk. It is only 2,2km (1.3mi) long and I swear is's all picturesque :)
You can enjoy views of Jelsa and bay with anchored boats in crystal clear water. Later, green island of Zecevo in foreground, the southern slope of Brac further distant and the mountain ridge Biokovo away to the southeast.
I highly recommend you to take the walk early in the morning, or late afternoon in summer. Otherwise it will be not so pleasant because of hotness.