I've stayed at Fall heaps. I use to stay at the Frying Pan inn, but that's now gone.
The best thing to do if there's a few of you is to try and get a Apartment.
I've always liked the Falls Creek Hotel....easy stumbling distance from the Frying Pan....and not a far walk from the Man pub as well. The Man is the place to hit on Monday night....for Big Cup Night!!!
( http://www.fallscreekhotel.com.au/ )
I prefer Falls to Hotham, but only just.... and if you can swing the helicopter ride $$$, do it. Helicopters run between Falls and Hotham daily (weather depending)
In Victoria, YOU MUST CARRY CHAINS, IT'S THE LAW!!!! Being 4wd and AWD you probably won't have to fit em, but you can be checked (and i have by the local Police) and fined if you don;t have them on board.
That said, a hessian bag with some chain bought from Bunnings, then the bag done up with a Cable tie and some bullshit writing on a tag saying "Nissan", could create a easy disguise......
Off mountain i recommend the Bogong Moth Hotel.... just at the bottom of the mountain, and they have ace Steaks. The pub across the road is not bad , but does shut early.
( http://www.bogongmoth.com.au/ )