Rode sections of it last week (along with 4000 others), and the most of it last year's Cup weekend. The climb up from Traralgon is gentle, but it's around 700m, so will take a while. The walks in Tara Bulga are worthwhile, but you probably won't have time, as is the cafe at Balook (run by cyclists who helped shelter a few hundred cold, wet riders before they were bussed down the hill). The unsealed sections between Balook and Mirboo Nth were pretty rough with large blue metal across the road. How rough would depend if this has been compacted by log trucks, or if it has been freshly re-applied. We managed ok on touring and MTB bikes with panniers - I was on a tandem with daughter, so I was pretty nervous and cautious.
Have fun, it's a classic Victorian ride.