Solution:
(1) From the curve $C: x^2+y^2=1$, we can obtain the polar coordinate equation: $\rho^2=1$, i.e., $\rho=1$.
The parametric equation of line $L$ is: $$\begin{cases} x= \frac { \sqrt {3}}{2}+t\cos\alpha \\ y= \frac {3}{2}+t\sin\alpha \end{cases}$$ (where $t$ is the parameter).
(2) Substituting the parametric equation of line $L$ into the Cartesian coordinate equation of circle $C$ yields: $t^2+(\sqrt {3}\cos\alpha+3\sin\alpha)t+2=0$,
Since $\Delta>0$, we have $|\sin(\alpha+ \frac {\pi}{6})| > \frac { \sqrt {6}}{3}$. $t_1t_2=2$.
Therefore, $\frac {1}{|PM|}+ \frac {1}{|PN|} = \frac {1}{|t_{1}|}+ \frac {1}{|t_{2}|} = \frac {|t_{1}+t_{2}|}{|t_{1}t_{2}|} = \frac {|\sqrt {3}\cos\alpha+3\sin\alpha|}{2} = \sqrt {3}|\sin(\alpha+ \frac {\pi}{6})| \in (\sqrt {2}, \sqrt {3}]$.
Thus, the range of values for $\frac {1}{|PM|}+ \frac {1}{|PN|}$ is $\boxed{(\sqrt {2}, \sqrt {3}]}$.