That's similar to what I did last year (May 2009), except I stayed in Caeraerfon. I flew from Denver to London, took the train to Bangor, a bus to Caernarfon, and still had time that first day to walk the WHR to Dinas and see a few trains. I spent one full day on the WHR (which was only running to Beddgelert), and another on the Ffestiniog. It was easy to get an early bus from Caernarfon to Porthmadog, and a late bus back. I used the local bus service to visit quite a few other places. There are a lot of bus routes in the area. The service from Pont Cressor to Porthmadog looks to be somewhat limited:
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www.gwynedd.gov.uk]
There may be other bus routes that could be useful. The following web site has the schedules. Look at both the Bus Timetables and Snowdon Sherpa (which is another bus service):
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www.gwynedd.gov.uk]