fireworks...the beach is fine, but can be crowded...very crowded...and while its never been legal...it’s difficult to find a spot anywhere on the island where you can’t see some fireworks on new years eve (some residential areas have...rather impressive aerial displays) there are multiple shows that are put on for new years eve, pick one, check the location, and be prepared to face large crowds.
most of the bars won’t have great views, and the ones that do will likely have ticketed events, or be very crowded. some restaurants could be open/ have very good views, just have to check around a bit (hotel websites should have that info, so would just need to check the hotels along the beach)
try checking with your hotel to see what if anything they’re doing and/or if they recommend anything. waikiki at new years is far too crowded for my tastes.
not the wisest of ideas to take cocktails to the beach but it will depend on exactly where you go (there will likely be a very noticable police presence in waikiki/near bars...to prevent drunk driving, etc.)