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.
Thank you for your comments. Will probably try the Black Springs road, also recommended by Information Centre at Bathurst. Looking forward to our trip.