On the route between Monteray and Morro Bay, one can tuck in behind the bluff's at San Simeon although that anchorage can be a little rolly at times. If you choose to stop at Morro Bay, be very cautious of the entrance and contact the Harbor Master or Coast Guard Station Morro Bay before attempting to enter for word on conditions. The break at the channel entrance south of the Rock can really be spectacular and one cannot tell how bad it is from sea (we lived there for a few years while I was in graduate school). In no case attept to enter on an outbound tide!
The anchorage at Pt. San Luis (near Avila Beach) is very protected and there is a great restaurant on the Pier (once known as the Old Port Inn). It's a nice stop to wait for a weather window to pass Pt. Conception, which should be give a wide berth.
"It is not so much for its beauty that the sea makes a claim upon men's hearts, as for that subtle something, that quality of air, that emanation from the waves, that so wonderfully renews a weary spirit."