Be sure to have tea at the Warnabool RSL. It overlooks the wetlands and out to the ocean. Fan-bloody-tastic!
Also keep a spare $100.00 in your pocket so that you can jump on a helicopter over the Lochard Gorge. Extravagant yes I know, but you will not regret it.
If you have time to do a loop heading in as well, there are great "C" and "B" road from Mount Elephant to Ballarat, Bendigo. Country Victoria is a great place to ride.