North to south is definitely the direction you'd want to go due to the prevailing winds. Suggest you buy or borrow the book "Bicycling the Pacific Coast" which gives good information on the entire route including elevation profiles, places to stop along the way, suggested things to see, etc.
The stretch from Carmel to San Simeon is a classic coastal tour - beautiful views, few towns, quite a few good campgrounds. But it does have some significant climbs so be sure the training rides also include plenty of hills. And the road is pretty narrow without much of a shoulder.