My two cents:
August is a great time of year, weather wise in the Pacific Northwest. So you'll have ideal weather if you start then.
But if I was doing the tour, I'd start in September, right after Labor Day. September is still a good weather time on the coast, though later in the month you might see a bit of rain. Early October can be good too. And the traffic drops off quite a bit too, and things are less busy all around.
The traffic gets a better after labor day when the RV traffic dies down, but It shouldn't be a huge deal unless you are particularly traffic sensitive.
I don't consider myself "particularly traffic sensitive" as I ride my bike most days in a city and have done tours in high traffic areas. But traffic on US 101, especially in Oregon, can be thick. I did a tour of the Oregon coast last August and this is what I had to say about it afterwards:
What gets old, and what brings down the rating (of this tour) is the riding experience. If there was ever a popular touring route with the biggest dichotomy between destinations and the ride, it’s gotta be the Pacific Coast Route. There are some truly sublime moments of biking, but most of the ride (in Oregon, at least) is on US 101, the only coastal through-route. It’s busy enough in the winter, but in the middle of summer it’s basically a wall of traffic. There is usually a wide shoulder, but the constant drone of passing vehicles can wear. Then there’s the moments where that shoulder disappears and you hope the vehicles can pass safely…In any case, it’s touring like this which makes one consider off-road bikepacking instead.Now I don't want to scare of the OP or anyone considering this tour, but traffic on the Pacific Coast Route is definitely a thing, especially these last few years due to pandemic. That's why I recommend going a bit after peak season. But if you do ride during the middle of summer, I'd highly recommend getting of 101 or 1 where you can.