nice drive, very scenic, lots of things to stop and see along the way, lots of nice campgrounds near/on 97. All in all a very good alternative to I-5. may take longer but much more scenic and relaxing and like you mention, bypasses, portland, salem, eugene etc.
There are enough pull-offs and passing lanes that traffic isn't much of a problem.
If your heading to the coast redwoods, you might consider cutting over to I-5 at the crater lake cutoff on 97, stay at crater lake or diamond lake. Then hit I-5 south and cut over to the redwoods in southern Oregon/Northern CA by the Oregon caves to 101. On I-5 7 feathers Casino RV park is very nice and inexpensive, or the Valley of the Rogue state park has great sites on the Rogue river. If salmon are spawning, you can watch them coming up river.