Hole in the wall type places are cool, I want to eat some mexican down there, but some seafood, italian, or indian would be good too...
as far as roads, looking at googlemaps - mulholland drive on the edge of Topanga state park looks pretty sweet. how are those fireroads in th state park? Are they paved?
For indian food, there's India's Oven on beverly and it's cheap looking, but the food is great. If you have a few more bucks Surya is on 3rd and it'd GREAT.
For Italian, I like Ago on Melrose and La Cienega. It's not cheap, but not awful either.
For riding, I live near ACH and do that every once in a while, but down by there, you're gonna need to ride a bit to get somewhere good. You can take mulholland over to malibu and explore there a bit or you could head up to ACH (it's not THAT far).
I'm sure others will chime in with some more/better suggestions.