I wouldn't count on too much beach time......Supposed to rain all weekend.
I'm in OC so I'm not the best source for all thing LA....But:
LA Live area should be going off as NBA all-star weekend is at Staples.
Santa Anita is a great track & usually has some sort of 'festival' going on on Saturdays...Microbrew, Food Truck, etc. which makes it 'wife friendly'. The PGA is in town at Riviera this weekend. Not much else going on sports wise since the Kings, Ducks & USC/UCLA hoops are all on the road.
I'd hit LA Live on Friday night, Santa Anita on Saturday, Downtown Pasadena for shopping & dinner after Santa Anita (if you have wife or SO with you) and then a nice leisurely cruise up PCH to Santa Barbara on Sunday morning.
I'd probably just stay at an airport hotel. Downtown hotels will be through the roof b/c of all star game & LAX is basically halfway between Santa Monica/Venice to the North & Manhattan Beach/Hemosa Beach to the South.