I've never bicycled it, but I've driven Forest Route 95 between I-5 and State Route 33 twice, most recently about a year ago, and the road was definitely paved and traversable by automobile over its entire length. I recall that the pavement was in reasonably good condition, with fairly light traffic west of Pine Mountain Club, becoming heavier towards Frazier Park and I-5.
In some places, the shoulders are narrow and the sight distances are limited, but not materially worse than, say, portions of Angeles Crest Highway, and the surrounding country is generally pleasant and different from the typical Southern California mountain vistas, particularly once you enter the Bitter Creek National Wildlife Refuge.
For planning and to take on your ride, I'd suggest you get a copy of the U.S. Forest Service map,
Los Padres National Forest: Mt. Pinos, Ojai, and Santa Barbara Ranger Districts (2008), available at ranger stations,
for purchase online, and to view on the Web:
http://www.fs.fed.us/r5/forestvisito...ndex.php#south
(Among other things, the map shows which roads are paved, and where you could find a forest ranger or fire station if you were to need one.)