The slide bypass route follows the Salinas river valley along 101, not the central valley, but it's just as hot in midsummer. Less climbing to get back to the coast, though, and possibly some better campsites a bit off the route in the hills surrounding the valley.
After this week's storms (yes, I know they were not as bad in Central CA, but still...), plus more that are forecast, I don't hold out a lot of hope for Hwy 1 being open soon.