Unless you intend to stay at each beach resort town along the Great Ocean Road you will probably want to pick a location as a base to set off from. Consider Geelong as your base especially if you want all the advantages of a city lifestyle. Geelong has so many restaurants, cafes and venues you may get sidetracked from your daily coastal trips.
You should be able to visit both Torquay and Anglesea on the same day. Torquay is only a 25 minute drive from the CBD. It has plenty to see including its beaches,cafes and restaurants. Only 15 minutes further on is Anglesea which is smaller than Torquay but still has impressive beaches and dining.
On your next day take a drive to Lorne which is a little over an hour from Geelong. Many will include it on the journey with Torquay and Anglesea but Lorne is big and quite exciting so you should make an outing dedicated to this resort town.
If you want to include two locations then include Apollo Bay with Lorne. These are two larger coastal resort towns with some sophisticated shopping and dining with most facing out over the beach. It is around one and three quarter hours to get to Apollo Bay so this is probably as far as you will want to go in one trip.
If you want to go further then stay the night at Lorne or Apollo Bay. Another alternative is to drive to Warrnambool from Geelong inland which is only around a two hour drive. From Warrnambool (after you have explored its wonders), Port Fairy is only 15 minutes away and in the opposite direction Port Campbell is only 50 minutes away.
Enjoy your drive but enjoy your stays as well.