Agreed with OP - the hike up to MP is not worth it, take the bus
There are 2 different things being conflated here - the hike up to MP, and the hike up Wayna Picchu or Macchu Picchu Mountain.
If you enjoy hiking, take the bus up to MP and then hike up WP/MPM. If you don't enjoy hiking, don't do any of them. Regardless, you shouldn't hike up MP either way - took about 1.5 hours, was very strenuous, and didn't afford any views you couldn't get at MP itself.
Would also recommend staying in Urubamba before your trip, not Olly. Will save you a ton on taxis because they have a central bus station that can easily get you to almost any tourist attraction in the sacred valley (including Cusco and Olly shared vans leaving every few minutes) for peanuts. Staying in Olly is great to catch the train, but otherwise not convenient for public transportation - you'll either need to take taxi to get around, or connect in Urubamba. Urubamba was $2 to Cusco, 50 cents to Olly, and maybe a dollar to Pisac. Didn't go to Chinchero but shared vans going there every few minutes as well. Piece of cake even with luggage.