The Baccalieu Trail forms a loop around the long, narrow, unnamed peninsula that separates Conception Bay from Trinity Bay. It doesn't have the historical pedigree of the neighboring Bonavista Peninsula, which was the region's mercantile center in the early days, but the history here is actually more intriguing (in a quirky way). Characters such as the mysterious Amelia Earhart, the cranky Rockwell Kent, and pioneers of Arctic exploration and transatlantic communication figure prominently in local stories.
Be aware that this drive isn't completely picturesque. In fact, it's notably bland for a long stretch south of Carbonear (on the Conception Bay side). But elsewhere you'll come upon vistas that will leave you absolutely speechless. Also note that accommodations and eats are few and far between. I've recommended a few potential overnight points; you'll want to plan this section of your trip ahead carefully, as it's difficult to get a last-minute bed when you're somewhat in the middle of nowhere.
On a short itinerary of Newfoundland (a week), I'd skip this peninsula. But on longer ones you might be able to work it in. Just remember that it takes a half-day of driving simply to get all the way out to the point and then double back and complete the circuit -- and that's without making any stops.