Definitely avoid the 5, you will drive your car off into a ditch in King City, from boredome. Go the 101 route!
If you can, try to visit Solvang, a little town that was settled by Danish immigrants in the early 1900’s. Right off the 101 about 30 minutes south of Santa Maria, at Buellton (where there is a nifty old time restaurant called Pea Soup Andersen’s which is worth stopping at for a bowl of soup and some kitsch) go East on Mission Drive (246) about 2 miles and it will take you right into Solvang. There’s lots of pastry shops and restaurants specializing in Danish, Norwegian and Swedish cuisine. It would be a nice place to spend the night too. While you’re there, you might want to visit the Elverhoj Museum and the Hans Christian Andersen Museum
And don’t miss the Muir Woods
And if you get the chance head to the sand dunes at Oceano because they are simply gorgeous, but these dunes are also the “set” of a lot of Hollywood movies, including the Sheik starring Rudolph Valentino. Apparently they are doing a modern day excavation of the site, to dig up some of the old artifacts from the movie sets. But the photo ops at the dunes, in and of themselves is magnificent!
And I second the Winchester Mystery House in San Jose and the Madonna Inn at San Luis Obispo (you must see the waterfall in the men’s room!) and the Mystery Spot at Santa Cruz.