The roads in Madhya Pradesh are really BAD!!! All over the state the roads remain just the same, many places the National Highway is a dirt track or more like a village road with bullock cart ruts running through the center of the track!!! Wish these roads were repaired soon.
The distance between Nashik and Maheshwar (in MP) should be in the range of 350 KMs. I think it is possible to complete this stretch in 7-8 hrs. Since two of you are driving, it should not be an issue.
The road to Maheshwar and Omkareshwar starts from Dhamnod (if you are coming from Nashik NH-3, take a right turn at Dhamnod. It is well marked). Actually, the Dhamnod-Maheshwar stretch is roughly 15 kms and Omkareshwar is further east, another 50 KMs.
The NH-3 is quite busy in Maharashtra. Traffic dwindles in MP and picks up again at Dhar distt. Motels along the highway is not at all an issue. If u r planning to stop for b/f at Nashik, you may do so at Sai Palace hotel-my favorite. It is right on the highway, after Toyota show room. Lunch can be had at Dhule. But if you are planning to reach Maheshwar on the evening of day-1, better don't waste much time. Just take short breaks.
Omkareshwar to Mandu (via Dhamnod, Chiktlyabad)should be 100 kms. So you should be able to cover this stretch in 2-3 hrs. Road from C'bad to Mandu was not so good 10 years back, but I am sure they must have improved by now.
Enjoy your trip
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Good for: Solo