Fun area, lots of things to see/do down there.
We were married in Morro Bay, near the big rock. Cambria is one of the small towns near the water, though not the closest to PR.
I think either of your flight plans would work, it's kind of in the middle to be honest.
Something I'd recommend is to add some BBQ into your plans. Apparently the area has some good ones, though we've never really had the chance to check 'em out. We have done Mo's in downtown SLO, which used to be good, not sure now. The fresh potato chips can't be beat.
Qupe Syrah is one of my faves, made in that area.
