Beyond the Twelve Apostles — the lesser-known stops locals actually recommend.
Bells Beach, near Torquay at the start of the drive, is worth a quick look even if you don't surf — it's the home of the Rip Curl Pro and one of Australia's most famous breaks. Erskine Falls near Lorne is a short, well-marked walk to a genuinely impressive waterfall most tour buses skip.
Past the Apostles, the Bay of Islands Coastal Park gets a fraction of the crowds of Loch Ard Gorge with arguably comparable views — worth the extra twenty minutes if you're not on a tight schedule back to Melbourne.