Fuji Hakone Pass or Hakone Free Pass?

HI,
I have been searching and reading till Im confused on what is the best and cheapest way to get to Mt Fuji for 5 pax on 15 May 2017. My plan is like this:

Visit Shibazakura Festival. Stay 1 night to catch Mt Fuji view early in the morning. Visit the Hakone Loop. Experience the Shinkanzen 1 way. Maybe visit Kachi Kachi Ropewalk if there is time after the Shibazakura Festival.

There is Fuji Hakone Pass and Hakone Free Pass. Which Pass should I buy for my above plan? If Im not mistaken, if I take the bus route from Tokyo/Shinjuku to Kawaguchi Stn, I will miss out the Tozan Train section from Hakone-Yumoto to Gora Stn on the Hakone Loop. Is it correct? And I noticed that if I want to use return train (JR/Odakyu & Shinkanzen) from Tokyo/Shinjuku to Odawara, I will have to travel by bus Gora to Kawaguchi Stn and back to Gora. Is it correct? Will it be more time consuming and tired?

Is there still a luggage delivery service/storage shop at Kawaguchi Stn? I may need to use luggage delivery to Tokyo if I am travelling straight from Haneda airport because we don't want to carry suitcases around when we visit Hakone.

Which is the best choice of Pass to buy for the above plan? Thank you.

Fuji Hakone Pass is a better fit for your itinerary. It is available in (a) Shinjuku version, which includes one RT from Shinjuku but not on Shinkansen; or (b) Odawara version which does not include RT from Shinjuku. Since you want to ride Shinkansen at least once, I suggest you buy the Odawara version. Odawara is the nearest station to Hakone/Kawaguchiko area on Shinkansen. You can take the Shinkansen from either Tokyo station or Shinagawa station, and get off at Odawara station. You can buy the pass at Odawara station.
http://www.odakyu.jp/english/deels/freepass/fujihakone/

Saburo T, Thank you for your reply.

From this link http://www.odakyu.jp/english/deels/freepass/fujihakone/pdf/renewal-pam... it states only transfers from Shinjuku to Odawara and Shinjuku to Kawaguchiko Stn. But the main page states the below:

yDeparting from Shinjukuz
(1)Odakyu Electric Railway: Shinjuku-Odawara
You need to pay an additional Express fare to take the Odakyu Limited Express "Romancecar".
(2)Chuo Highway Bus: Kawaguchiko Sta., Fujikyu Highland or Fujisan Sta.-Shinjuku Highway Bus Terminal
*The Fuji Hakone Pass is a discount ticket that includes round-trip train tickets departing from/arriving to Shinjuku and bus tickets.
**By Keio Railways Bus or Fujikyu Bus
***All seats reserved. Prior reservation required.

Its very confusing. Can Japan-Guide shed some light please. I hope to know if I have to buy & reserve seats in advance bus tickets from Kawaguchi Stn to Shinjuku Stn if I buy the JPY8000 Fuji Hakone Pass. Thank you.