Personally at this point in time I would suggest staying at home and minimising your exposure/risk to fires - there are a number of them around and from what my family has experienced in the last few days we're going to see a number of fires potentially spring up due to lightening strikes. There was one that took a night or even a day or two to flare up in to a bush fire beside our neighbour's - luckily it's been controlled and is still under surveillance.
But once the weather cools off and the fire threat subdues there are plenty of places to go in Vic - it all depends on what you want to do/see and how far you're willing to travel to see it.
The high country is awesome at this time of the year and is generally a good retreat from the heat in summer. Plan your trip carefully as there are a number of tracks that are not subaru friendly - but with that said, you don't have to tour the 4wd tracks to enjoy it!
Up near Hotham there's a number of walking tracks (all over the high country actually!), Dargo has a great pub and some good fishing & camping too.
Blue Duck Inn is a must if you're fishing/camping on the Mitta Mitta - there's camping close by at the Angler's Rest. Last time I was there (too long ago!) the food was great and the experience of living with generators to power everything reminds me of my childhood with the dimming lights as fridges/pumps kick in. The drive up to the Blue Duck Inn is a very twisty road - a driver's road

Very scenic too IMO.
Grampians are out, at least until there's been some rain - all the wild flowers etc will be popping up and seeing a forest regenerate is amazing!
Otways - beach and the bush... Best of both worlds and some good light 4wd tracks in there too if that's what you're after. There is also the tree walk (can't remember the name of it) where you walk along suspended walkways at the height of the forest canopy!
Cobaw/Wombat and Lerderderg forests - a huge range of 4wd'n in here. The wombat and Lerderderg have quite a gold history too. The Castlemaine gold diggings heritage park is also a good place to check out for gold history - I know there's a walk in there that I've done twice, dunno if you're allowed 4wds but I suspect it would be allowed.
Walhalla - really, where to start? We've been a few times but feel that we've not scratched the surface of whats really on offer out there.
There are plenty of tourist attractions to see as well. Hanging Rock in the Macedon Ranges is a good place for a visit. The discovery centre is more about the Picnic at Hanging Rock than the creation of the rock. The cost I think is about $12 a car now (at a guess!). Also check out the memorial cross in Cameron Drive on top of Mt Macedon. A walk to the top of the Camel's hump gives a good view of the surrounding areas - very spectacular.
There's plenty more to see but I'm done for now. Thanks to previous posters for some pointers to add to
Cheers
Bennie