Autumn Leaves

Does it make sense to stay in Osaka and drive to Kyoto and Nara in November to see Autumn leaves? Upon reaching Kyoto and/or Nara, I am thinking of parking around train station for the day and then take public transport to sightseeing spots. Any problem with this idea?

Taking a train would be a much better option. If you buy a Kansai Thru Pass, it will cover rides from Osaka to Kyoto and Nara as well as public transportation around these cities. You can also use it to get to other interesting places in the area, such as Koya san and Himeji. Just be careful not to take JR trains for which the pass is not valid.
For further details, see
http://www.japan-guide.com/e/e2357_005.html

Also, note that Kyoto gets really crowded during autumn leaves season and the public transportation system slows down considerably, so it takes a lot longer than usual to get around the city.

Don't drive - both are busy places in the autumn season and parks will be hard to find. The trains will be so quick from Osaka - about 30 mins to each. You could do them as day trips!
My favourite place for autumn leaves in Kyoto was Ginkakuji - the gardens are spectacular. Okochi Sanso villa was also nice. The whole of Nara park was lovely, but the trees in Yoshikien Garden (free for foreigners) were absolutely stunning!

Thanks TxF for your advice to take train in Kansai instead of driving during Autumn peak season. One question regarding where to stay. Hotel/ryokan in Kyoto and Nara are few and very expensive during peak season. Does it make sense to stay in Osaka only and make day trips to Kyoto and Nara everyday, instead of staying in Osaka, Kyoto and Nara? If so, shall I stay near Shin-Osaka, Namba or Umeda for ease of train transport?

Thank you.