It's Ballarat Central, so you would find it abit busy, but close to everything you need and you will not be disappointed. Ballarat has great culture, amazing history, endless places to visit and a beautiful inland City.
Hope this helps
Eureka Street is a great street. It has a really eclectic mix of homes. It is reasonably busy so if you don't want to live on a busy street it may not be for you. Of course you can always double-glaze!
Wendouree is a very good place to live, it literally has everything it has the brand new Stockland Wendouree Shopping Centre it has plenty of schools it has the beautiful botanical gardens and the swimming pool is great and it's right near the amazing Lake Wendouree.
Anywhere in central is good. Generally 3 blocks from Sturt is the way to go. Be quick though... with all the new public sector jobs coming to Ballarat the property market is sure to heat up. Good luck!