As Bob noted, there is a lot to see up Hwy 395 (the Owens Valley).
If you access the Eastern Sierra from San Francisco, the drive is spectacular through Yosemite Valley (summer traffic may be heavy), across on Tioga Pass road and down to Owens Valley. This will deposit you near Lee Vining/Mono Lake. The South Tufa is the iconic location. Bodie also is within easy driving distance. Be sure to eat at the Whoa Nellie Deli at the Tioga Gas Mart just ouside of Lee Vining.
In addition to Galen Rowell's gallery, Bishop has great Shepherder bread at Eric Schat's Bakkery and the best smoked jerky at Mahogany Smoked Meats.
Up Hwy 168, west from Bishop, are South Lake, North Lake and Lake Sabrina. The latter can be a nice sunrise shoot with the sun's rays hitting the peaks across the lake.
In Lone Pine, the Beverly and Jim Rogers Museum of Lone Pine Film History is definitely worth a short visit. Also, another kind of history can be seen at Manzanar National Historic Site, north of Lone Pine.
Paul