Itinerary for weekend in Kiso Valley

Hello,

next weekend (17th April '15) I would like to make a trip to Kiso valley with 4 friends. We are a little bit tight on budget so I thought about the following itinerary.

- Nigth bus from Tokyo to Nagoya on Friday
- Train and bus to Magome in the early morning
- Hike to Tsumago
- Overnight stay in Narai (however could not find a cheap place with shared room; maybe stay in Tsumago or Matsumoto)
- Train to Matsumoto on Sunday morning
- Visit of the castle
- Train back to Tokyo in late afternoon

I'm not sure if these activities are enough for a weekend trip. Could you recommend any further activities? Spending sometime in Nagoya? Any side trip from Matsumoto? Any recommendation for cheap accommodation? If a car is necessary, it should not be a problem to rent one in Nagoya (drivers licence translation is available).

Thanks for any suggestions in advance!

It is a manageable but depends on your speed. Also please state your interest

Our main interest is about culture and nature. So everything about sightseeing and hiking/biking.