I stayed at a motel in the town, but from my experience anywhere in Halls Gap, and close by, had great views of the forest and the rocks. A bit hard to say how far High Road is from the town. Looks like 2 kilometres, or a mile plus. May be walkable but if you have a car would only take a few minutes.
Halls Gap is a small town. Might be wise to ask the accomodation house you like how far it is from the centre of Halls Gap.
I found the Grampians fascinating, so hope you will have a most enjoyable trip.