Murrindindi Scenic Reserve is off the Melba Highway between Yea & Yarra Glen and is right on the Murrindindi River (shallow so good for kids to paddle in).
& yes it is a popular place. We went up on the weekend and found the camping areas to be pretty full, tho half of the camping areas were closed off for revegetation until November - only $5 per vehicle per night so good value.
There are a few walks in the area - one along the river from the Suspension Bridge camp ground and there is also Wilhemina Falls. There may be others but these're the only ones we've done.
Copy this link into your browser and it should take you straight to the park camping guide (via the DSE website). or, if you go to the DSE website there should be a map of the Reserve.http://www.dse.vic.gov.au/CA256F310024B ... +Guide.pdf