used to live in Elwood ...many moons ago....
NE to NW go to point ormond (the big white beacon) the northerlies are strong but get up early they usually fizzle out about 11 ish. NE is gusty... N to NW best. heaps of north winds through out winter.
SE to SW (usual seabreeze summer months) elwood sailing club / albert park / or if you want a bit of a wave/ramp ...green point - near SHQ.
Cold Squally Winter Frontals straight from the South Pole, any of the above, it's going to be onshore and messy, but you can get some rare insane conditions if you are "up for it" and have a warm wetsuit

Make the 3hr pilgrimage to Sandypoint. has to be SW or E - NE 20knts+
if all else fails - RSL Elwood, Sunday night blues jam , free entry, cheap beers - magic.