My wife is a Beaver alum, her family is all still along the I-5 corridor from Junction City to Portland, most in Albany and Corvallis. I have a better than average exposure for a non-native/resident as a result.
Cannot go wrong with anything that has been stated by others, but I highly recommend you pick a geographical region and select attractions there. Unlike the Midwest where a road headed west actually goes west, Oregon (outside of the interstates and central plains) is more like the eastern US as the roads wind and weave and it takes a lot longer to get from one place to the next than you would think by looking at a map or even electronically mapping it. Pick a region and site-see there, do not try to drive all over.
However, each deserves more time to appreciate than what could be afforded in two days. Otherwise, by the time you get somewhere, you can snap a picture, smile, take a deep breath (imagine Clark Griswold-esque site seeing on the way to Wally World), and then you realize you are a million miles from where you have to be and there is a high likelihood you may not make it back in time. Remember, this is Labor Day weekend.
IMO, Bend in two days? Waste of time as it and Crater Lake are too far away from the Corvallis region to appropriately appreciate in two days. Can take up to four hours from Corvallis over Labor Day to get to Bend, a good 30 minutes just to get through Sisters all by itself, and that is not stopping which I highly recommend. Bend, Madras, or head up to Kaneetah resort, they all have things to do if you do decide to head that way.
A day, especially half a day, at Crater lake is not doing yourself justice and it can take up to 8 hours to get there from Lynn-Benton County. But if you do, from there you can go jet boating on the Rogue River outside Grants Pass which IMO, beats any other activity in Oregon hands down. Up to 60 mph down the river, at some points in as little as 4” of water in an open shell boat that seats about 50 people powered by three huge engines and jet pumps, at times "dueling" a companion boat with the jet blast (you gonna get wet). Stunning beauty, wildlife, and lunch in a custom log cabin. Great hiking all through the region.
IMO, take a dedicated trip to these regions some other time. There are so many things in each area it would be like going to NYC, heading to the top of the Empire State Building, then heading home saying you have been to NYC.
IMO, keep it relatively local. Newport is great, and as stated before, about an hour away. Eat at Mo's where the boat that brought it in is moored to a pier behind the restaurant. Wonder at the bridges and lighthouses. Head up to Depot Bay and Lincoln City, play on the beach, shop for artisan glass works, carved Myrtle wood decorations, housewares, etc, score some Marionberry preserves. The wineries of the Willamette Valley are also a reasonable day trip from Lynn-Benton county.
As for where to stay, I cannot help with that. Obviously stay with family when in the region, but have slept in tiny little A-frame cabins at Crater, beach-side hotels at Lincoln City, and cabins for a week at Kaneetah. They set it all up...I am just along for the ride