Yes, I'll be going up 395 to Lee Vining.
OK, then. In no particular order:
1. I second the vote for Telescope Peak. Cannot be rivaled if you're up for it -- I climbed it for the third time this summer. The last part of the road up to the trailhead is steep, though. I recommend a 4wd or a rental car ;-) If you don't want to take your car all the way you can stop at the charcoal kilns and take the Wildrose Peak hike -- also a wonderful view. Both of these are trail all the way.
2. Manzanar National Historic Site. Right on Hwy 395 between Lone Pine and Independence. Japanese immigrants and US citizens of Japanese ancestry were interned here during WWII. They've put in a great new museum, 30-minute film, etc., and you can take a driving tour around what little is left of the camp. A very moving experience, especially if you run into some former internees, as we did.
3. Ancient Bristlecone Pine Forest. Another hike -- this one on White Mountain. The turnoff is South of Bishop, to the east. These trees grow in very few places in California and Nevada. The Methusula tree is said to be the world's oldest living thing. Nice hike, breathtaking views (and not JUST because you're at 10,000 ft!), and good interpretative center. There's a good, free dry campground here too.
4. Mono Lake Preserve and Visitor's Center. GREAT exhibits on this unique lake, it's highly specialized denizens, and the political history around Los Angeles' taking of the Owens Valley water.
5. Bodie Ghost Town. About 30 miles north of Lee Vining, Bodie is a State Park now, kept in a state of "arrested decay." It's not being allowed to crumble, but they're not adding to it or bringing in tacky tourist doo-dads to tart it up. Great place to visit if you are interested in Western History at all. Mine tour is supposed to be great though I've not taken it.
6. Laws Railroad museum, North East of Bishop, is also worth a stop if you like trains, old stuff, etc.
7. I'm not really a commonsewer, but I don't think there are any restaurants worth eating at except what you might find at Mammoth. The smaller towns are a gastronomic wasteland as far as I've been able to discern.
8. If you're camping or want to do a lot of hiking, let me know and I'll suggest some additional places...
Wherever you end up, have a great time!