This nice road is good compacted gravel, but has some few lose gravel patches so be careful. Especially on the epic downhills. Three walks on the way: Mt Magog, Talyuberlup and Mt Hassell. Great epic descents, but comes with equally demanding climbs. Not too steep but somehow long.
Plenty of camping opportunities, see the park map.
Closest town accessible by bus is Mount Barker. It would make a nice 140-150 km loop to cycle from Mount Barker if that is your starting point. Or you can go down to Albany and start the Munda Biddi Trail as well :)