I've done that in a car, and parts of it on a bike. I wouldn't go out of my way to ride it -- it's a beautiful area, for sure, but that particular road is just sort of flat and straight. It's got a fair amount of traffic, narrow shoulders, and for much of the way there aren't a lot of views -- just a wall of tress on both sides of the road.
When I was in Tofino on vacation I did parts of that just for exercise, but I wouldn't say it was a great cycling experience.
Definitely a great area, though.