Only advice I can give is to not try to do too much in too short a time.
Albury to Warnambool is one hell of a long drive
Melbourne to Warnambool is about a 4hour drive on its own without stopping. If you want to cover that in a day you wont have time for touristy things.
Apollo Bay is a lovely seaside town and a great base to explore from. I have spent a week there and filled each day with things to do, albeit at a relaxed pace.
The beaches are amazing, the scenery and waterfalls of the Otways breathtaking. Exploring the 12 apostles, Loch Ard Gorge and the Port Cambell area will easily fill a day. The best part of the Great Ocean road is from Apollo Bay to Lorne where the road hugs the cliffs overlooking the ocean.
Apollo Bay to Ballarat will also be a long day as much of the road will be slow going on a twisty minor road over the ranges.