I'm not familiar with all of 395 - but from Tahoe down to Bishop it's decidedly "lumpy" - ie from ~5000ft to 8000ft. There's no steep gradients on there but there are some significant uphill and downhill grades and in March those 8000ft grades could be damned chilly. Figure that Tahoe is about 1500ft less that that an it was snowed out in May last year for the Tour of California. However - it is a fantasic road.
Celebrate this road magnificence with a bottle or three of Mammoth Brewing Company's IPA 395. An awesome beer. Yeah, it's named after the road.
Descending from Sherwin (no not related to Paul Sherwin the presenter for the Tour de France :P ) Grade into Bishop - a scene that quite a few cyclists on the Everest Challenge might have seen in 2011.
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However, the Pacific Coast Highway is fantasic. 101 is great as it is windy at that time of year.
In March I'd take the 101 and head down the coast. During July, it'd be close call.