If you look at the map on tacogirl's website, Pinocchio's is located right where the 'R' of Roadkill Bar is.
So, you can follow Coconut Drive south,
Turn Right just after Roadkill (the new big Bank Building is on the south corner of the street you want to turn on).
Travel 1 block west (toward the lagoon) and then take a right hand turn (Just after Amal's Hardware Store)... once you've turned you'll see Pinocchio on your right hand side from there.
or, look for Pedro's Hotel, and follow that south 1 block (it's a long block). If you hit the gas station on that route you've gone too far.