Whenever someone asks me that question, I always reply with the Mount Cobbler Plateau Circuit. For some reason this one has always stuck in my mind. There are so many amazing hikes in the Vic Alps though and the Fainter and Spion Kopje Firetrail Circuit is also one of my favourites. The Buller Huts Trail is awesome and exposes you to many of the great view points in the high country. It’s pretty much along obvious trails and 4WD tracks so if you take your time and enjoy the challenge, its really well worth it. You could always get a taste for it by doing something like the Viking Circuit (over 3-4 days). The Viking traverses some of the same route.
Re Walhalla to Mt Baw Baw, you could camp at Mount Buller but you’d need to pitch your tent outside the resort boundary. The plateau is fairly flat and open so you shouldn’t have any trouble doing that. If you are looking for longer hikes, have you looked at the Wilderness Coast Walk (100km) or the Great South West Walk (254km)? You don’t have to do all the Great South West Walk so could trim it back to 5-7 days easily enough. These aren’t the Alps but are both great walks.
Thanks heaps Tim for your kind words about my site. I do get a lot of pleasure out of it 🙂