specbill

Yes that is pretty much the the Lighthouse course for the flat century except Fondo is starting in SLO instead of at Cuesta College. I agree with Cornucopia, that is a bit pricey for sure becuase you simply ride up Highway 1 to the turn-a-round above San Simeon and come back.
However if you have never ridden the Calif central coast, I say go for it for sure. That is a very picturesque and fun area to ride...it can be even more appreciated if you get off Highway 1 now and then and ride though a few of the small towns like Cayucas, Cambria and Morrow Bay....I can not tell if Fondo routes you through them or not, but it would be a shame if they don't.
The other good news is that this part of Highway 1 has very wide shoulders to ride on and they are usually pretty clean.
Also if your time permits, stay over in the area and ride more as there are a lot of neat ride options north of SLO. If you want some more challenging stuff you can head inland from several point along Highway 1 and get some nice hills to challenge you. I'm sure you can find all kinds of route options on the usual ride sites or probably even with some searches here on BF.
As Homeyba and Ritterview have mentioned weather can play a part,,,we've ridden the area numerous times over the years and you never know what you are going to get for wind or morning fog...at least I've never figured it out..but almost always they are mild weather issues and they usually add fun to the experience and never ruin it.
We generally ride north as early as possible with purpose, get to the turn-a-round, then slow down and enjoy the return ride. How you choose to do it is not so important...just as long as you do it if you get the chance.
Bill J.