They ran a Melbourne to Sorrento race for a couple of years. O'Grady won the first one and Snorrason the second one IIRC. Ballarat is actually a shorter drive timewise from melbourne CBD than Portsea (although easier to get to portsea for the eastern burbs population, where all the people are centred).
The open road title was held at Portarlington for a couple of years before it moved to Ballarat. I didn't mind the course to be honest, though some of the pros reckoned it wasn't hard enough. I reckon they were pulling themselves as there weren't any bunch sprints. More a hardman course than a climbers course.