Good way to check for the slack tide is to visit
http://www.bom.gov.au/oceanography/tides/MAPS/vic.shtml and select "Port Phillip Head Steams" - that will give you the time of slackwater (as well as current direction and speed - blue is flood, red is ebb) at the heads, so any site close to the heads will be at the same (or close enough too). The stream speeds are in knots.
The further into the bay you go, the less strength the current will have, so ... its easier
Slack water can last for as little as 10 minutes so just be really careful. I also recommend that if you are doing any diving at sites near the heads (on the portsea side) aim to do it at the slack water turning into a flood current, so if you do get caught in current, it will take you *into* the bay rather than out through the heads - though around the heads are a very strange place with lots of eddies and what not which can cause reverse currents in some spots.
If you're across at Queenscliff back beach (highly recommend cottage reef - its amazing and not just for spearing) you ironically want to do that on an ebb current. Front beach is again reversed so you want to do it on the flood. (this is all if you're trying to avoid current that is... drift dives are fun sometimes).
Tidal streams near heads can be very fast, so if you're doing this kinda thing, carry a surface marker of some kind with you and make sure you have someone watching where you are (from a boat or shore - probably should be doing this anyway).