I think for 5 days, just meander around Melbourne CBD and North Bank and South Bank of the Yarral
Plus your plan to go on the Great Ocean Road, I would maybe add the Penguin walk/parade at Phillip Island, ...

I would for two take a taxi from Southern Cross Station to your hotel, or drag your pull along from Southern Cross to your hotel.
But dog, they're staying at East St Kilda - a very long way to drag a bag, even if it has wheels. At that hour 1:30 am or so, they will need to catch a taxi - about $A25.00 or so. Worth having some Australian dollars before you land, if you can.

The individual PDF chapters are well worth buying beforehand. I have bought several for Asia and just print off the pages I think I'll need.

@aussieguarddog43 - thanks
@ianw6705 - was thinking of getting AUS$ from the ATM once I land in the airport
Depending on your credit card (or international debit card) ATMs can be an effective way to get cash ... sometimes it's quite hard to really find out whether you do better (net) buying some Aussie Dollars before you leave home, or waiting until you get here. But in reality, there is really only a percentage point or three involved.
Have a great trip!
imo, the extra you will pay for a taxi from the airport to your accommodation may well be worth it.
Skybus one way is going to cost you $18.00 each - so $36.00. Taxi to Southern Cross between $50/$60.
Ian may have thoughts on this, getting a cab direct from the airport to your accommodation may be a better investment in time than - waiting for the bus, getting bus to SC, getting off - then looking/waiting for a cab to take you to your Hotel. For me the extra $20 would be well spent for a direct no hassle transfer.
I usually pay closer to $50 for a cab from the airport to Southern Cross Station - guessing though their maybe a late night surcharge which will bump the cost.
Yes ... given the hour, msscanna might well be on the money here - even if it's an extra $40.00 on top of the Skybus plus Southern Cross taxi, it might well be a good investment.
I assume you've double-checked that you can check in at that time?

In terms of Melbourne and 'landscape, food and culture' there lots of options.
1) Melbourne and its wider area is mostly about the bayside and parks for landscape. You'll soon discover St Kilda Beach. Melbourne's parks range from the rambling Domain and Botanic Park and Yarra Bend Park to the structured such as Fitzroy Gardens, Treasury Gardens, Exhibition Gardens, Birrarung Marr, Flagstaff Gardens, Royal Park (with Melbourne Zoo), Fawkner Park, and Albert Park Lake (although the latter may be off the list as the Formula One Grand Prix restricts/inhibits access to the area for an extended period prior to the race which is in mid-March).
2) Melbourne is a foodie heaven with lots of variety. Check out Smith St in Collingwood, Brunswick St in Fitzroy, Victoria St in Richmond (Vietnamese and Asian), Southbank and lots of other option. With five nights it might be worthwhile picking up a dining guide (The Age Cheap Eats if you are on a budget) or diving deep into web resources. When home in Melbourne and looking for something cheap-mid range I hit up Supper Inn in Celestial Avenue (off LIttle Bourke St) for Chinese, Stalactities on the corner of Lonsdale and Russell St for Greek, and The Lounge in Swanston St for Gastro (a good choice if you are going to go for a Parma).
3) Melbourne loves it festivals and such and has some great galleries and museums although most of the latter charge. Check out the Ian Potter Gallery in Federation Square and the National Gallery of Victoria further south on St KIlda Rd. If you are in Melbourne 20-21 Feb then you will run into the White Night festival or the Midsumma gay festival is earlier in the month. The St Kilda Festival is smack bang in the middle of the month. A trawl of the web will tell you all the festivals.
Finally, trams, buses and trains in Melbourne now run 24 hr over the weekend. It is worth looking into that if you are arriving on a Friday or Sunday and trying to get to your hotel on a budget
And finally finally, I think you will be there when the Queen Vic Market is having its night sessions so look into that but either way the market is worth visiting.