You should be able to nearby. The lighthouse repairs have been "ongoing" for some 20 years. It doesn't look like it will be fixed up any time soon. The lightkeeper house next to the lighthouse has an unsightly chain link fence that has been there forever, so pictures are best from far away.

It doesn't look like renovations have even started; I didn't get the impression it will be fixed up for another 20 years or so (being honest here). Nothing really driving it.

While the original Fresnel lens has been removed from the lighthouse and is on display for tourists, the Coast Guard installed a beacon and the lighthouse is still used by ships to navigate. So yes, the lighthouse still has a rotating light. If you want to take photos of the beacon at night, you can get some interesting effects.

Unfortunately, there is no public transportation to Pigeon Point from anywhere. If you are in one of the cities on the peninsula or in South Bay, the best way to get there is probably to HWY 92 to Halfmoon Bay, and then drive south on HWY 1 for another 20 min. Pigeon Point light house is just few miles south of Pescadero State Beach. Driving is really the best way to see the coastal highway, there will be many beautiful beaches worth stopping between Halfmoon Bay and the light house, seafood restaurants in Halfmoon Bay is awesome, and don't forget to visit Norm's Market in tiny coastal town Pescadero for their famous oven fresh and piping hot garlic artichoke bread.