One important note, you may want to call the park regarding road conditions/closures. S Boundary is a snowmobile trail Dec 1- Apr. I am in Negaunee 2.5 hrs east, with little snow, so you could potentially get thru, but Porkies has been getting more snow than me here.
Plan a route assuming this road is closed so you won't be dissapointed. Park at/near Presque Isle rivermouth, cross the river and form a route off that. Even if you get down S Boundary Rd, a storm during your hike will be an expensive tow. Check weather constantly. The only other plowed place to park is near the ski hill, about 2 miles from Gov Pk Tr TH on hwy 107.
Message me if you want any other tips- I'm there 3x /yr, and will be going later this winter if you want another trip.
EDIT: As for water, most of those streams are swift and will be open. Or you can melt snow. As for method of travel, take what you have and perhaps decide at the trailhead? Could border on needing snowshoes/or just boots/gaiters, skis are faster, assuming no major climbs. Along the lake shore trail, no cliffs, if the trail is close to the lake you can walk over and get water. (If the waves let you). There will be very little snow along the lake, more inland.