I drove along here about a year ago (but not towing a caravan) and I don't recall it as being too bad.
I came via Tuena and it;s not spectacular countryside - but interesting enough.
The other road, via Rockley, may be more interesting, but could possibly be more winding and/or steep, as I see it passes through some more mountainous areas near Kanangra-Boyd National Park.
We've taken a camper trailer through Tuena and Trunkey Creek and it's fine for caravans. we've also been via Black Springs and Taralga - there's one steepish bit there, it was OK for our camper-trailer, but depends how big your caravan is.
Thank you for your quick response. We will consider your advice.