Fuji Hakone Pass or Hakone Pass

Travelling during end of November
Since Fuji-Hakone Pass is valid for 3 days, can we use it the itinerary like this:
Day 1
- Tokyo to Hakone area
- Back to Tokyo
Day2
- Tokyo to Fuji area
- Back to Tokyo
We will be having Hakone-Fuji pass & Tokyo Metro pass during these days and are planning to activate our 7-day JR pass after this trip (Day-3)

is it possible?

No. The pass allows one round trip from Tokyo to the Fuji area - you are proposing two trips.
"Only one round trip can be made within 3 days."
The official info explains it all:
https://www.odakyu.jp/english/passes/fujihakone/

Thank you for your reply! Done some more research. From 24th - 29th November; I will be in Tokyo and plans to do Hakone, Fuji five lakes & Kamakura as day trips:-
For Kamakura; not planning to take any pass as I will be using my JR pass. Is this feasible?
For Hakone & Fuji five lakes (2 separate round trips from Tokyo to Hakone & Takyo to Fuji 5 Lakes); I am planning to take Hakone pass for Day 1 and do Hakone (5700 Yen/person & 11400 Yen total)
Day 2 planning to book bus from Shunjuku to Kawaguchiko Station (Keio bus service) - Costing me 1950 Yen/person (Total 7800 Yen for round trip) & Unlimited Ride pass (covering Lake Kawaguchiko, Lake Saiko, Narusawa/ Lake Shojiko/ Lake Motosuko area) costing 1500 Yen/person (3000 Yen) - Total of 10800 Yen
Let me know if this plan is feasible?

Unless you are doing a lot of other travelling in Japan, while the JR pass works for Kamakura, the cost of getting there is pretty minor.
For your two day-trips to the Fuji area, do realize that you are spending a lot of time travelling (especially for the inconvenient Kawaguchi-ko. Most people would do one or the other and spend the second day doing something better.

Ummmm, wouldn't it be nearer and easier to get to Fuji areas from Hakone itself? JR Pass to Kamakura is fine. You should also maximize your JR Pass and experience shinkansen if you can. I think the nearest is Nikko?