Lake Wales is about an hour's drive from both Orlando and Tampa, making it a feasible day trip from either city. Take the Florida Turnpike south from Orlando and then US-27 south, or approach from Tampa via I-4 east and US-27 south. There is no useful public transport connection from the major cities; a car is essentially required.
The nearest significant airport is Orlando International (MCO), roughly 70 miles to the northeast. Tampa International is a similar distance to the west. A rental car from either airport is the standard approach.