1/2 day trip from Hakone to Lake Kawaguchiko?

Hi,

I will be travelling to Hakone from Tokyo on a day trip on 22 June. As I heard that Owakudani will be closed due to high levels of volcanic activity, should I make a half day trip down to Lake Kawaguchiko instead?

I bought the Hakone Free Pass already and will be visiting the places in Hakone in this order:
1. Hakone Shrine
2. Ancient Cedar Avenue
3. Hakone Checkpoint Museum
4. Lake Ashinoko (will be taking the ship)
5. Owakudani

I am worried I will make a wasted trip to Owakudani if it is really closed as I only have a day for this trip. Do let me know if this is feasible or if there is any other possible itinerary. Thanks.

The ropeway is running, which means you can ride it to enjoy aerial view from above. And you have other places in Hakone that you want to visit, so I would not call it a wasted trip? Hakone to Kawaguchiko takes a bit of time, so for a day trip I would not recommend it in addition to Hakone.
Note that probably the Hakone Tozan railway between Gora and Hakone Yumoto will be crowded due to the hydrangeas season.