What are some good places to sail around the peninsula that have more depth then Rye? I like Balnarring for S/SE but looking for deeper water on the Port Phillip side, was thinking maybe Mt Martha? But not sure what it is like there in different conditions?

Mt Martha, Safety Beach are OK if there's a bit of west in a southerly, otherwise you can be in a wind shadow from Arthur's Seat.

Agree with MikeyS.
If it's a direct Westerly or northerly, safety beach opp the BP servo is better as you can get a bad beach break happening at Mount Martha .
Anything S\SE will be too off shore, you will need to head over to Gunna or Flinders (Big Left) if you are up to riding waves.

Thanks, shall check out Safety Beach, I'm just starting out so some time before I'll be out on the waves, just need somewhere with a bit of depth for the type of boards I use. Also didn't find it much fun crashing onto the sandbanks at Rye despite the advantage of being able to walk back in from a kilometre out, prefer the softer impact of the deeper water.