One can hike up Cabeco Gordo; there is a path that skirts the crater.
Great vistas of the interior of Caldeira and the whole island, and, if
clear, of several of the neighboring islands. There may be others you
can climb up also (Cabeco da Fonte ? ). We did no snorkeling on Faial
and I cannot find any mention of it in the tourist brochures I have, but
there may be some. Tourist brochures also have suggested driving and hiking
routes on Faial. Many times a day boats go to and from Horta port (on
Faial) to Madalena town on Pico. It is easy to go for a day visit there.
Enjoy! Cheers, Pat and Bill