Should we do just Takayama OR Hida Furukawa or both?If you not staying in Takayama, you're going to spend a lot of time getting there and away, so that's going to cut into the amount you can see. I think there's enough to see in Takayama to just stay there for the day, especially if you walk around the markets, the old town, and the temple areas. Add in a few museums and you have a full day. If you take in Hida-no-Sato Minzoku-mura to the west of the station, you would be hard pressed to cover it all in a day.
Everything should be open on a Sunday. Some museums are closed on Monday.