Hello,
The Cobb Valley has some lovely tramping in it - one of my favorite places. Lots of beautifull alpine lakes and you can spend a fair bit of the time above the tree line along awsome little random rocky ridges.
St. Arnaud area also has lots of excelent tramps.
Hmmm there is also the Katuna (I think thats how you spell it...) - a - 2-3 day (or one VERY long day) tramp in the bay. A hilly/bushy walk, but tends to be a lot less populated, so it all realy depends on what you are looking for.
Terra