That'd be very rational I'd think - the buses go to all sorts of nice places of course. Although no reason at all not to just strike out towards Swindale/Longsledale (or sundry other places!) etc via Troutbeck from Windermere.
If you could squeeze an extra hour or so of walking out, and ideally a little daylight then some very nice options of course. Troutbeck on the right hand side of the tongue a little towards Woundale beck has always seemed tempting to me (like this.). The whole valley seems very quiet for some reason.
(Crossing the tongue/the beck in the dark not impossible but not I'd think trivial either.).
Just an idea- if you make it in time for the Ambleside bus it's only a short walk to Loughrigg Fell (off the bus at Ambleside, through the park, up a lane which takes you out to the open fell side). I'd imagine you could wildcamp there without too much of a problem. Or, alternatively, get the bus to Waterhead, walk towards Ambleside and look out for a path leading off on the right. Follow that and you end up in a wood (from where you can walk into Ambleside) where again I suspect you could pitch for the night.
I'm sure than anyone else living in London or the south west of the UK has found getting to the northern parts of the UK prohibitively expensive.
Not at all - I lived in London/the South for 35 years and managed weekends by public transport to the Lakes/Pennines/Wales/Scotland at least half a dozen times a year.
If you find the cost of cost of trains prohibitive, consider the 10.30pm National Express coach to Carlisle or the 11pm service to Penrith. Checking the fare for a few Fridays to come the fare to be seems to be £25 each way (return Sunday night). Not as salubrious as the train I'd agree, but done this journey many times and survived
An alternative is the 5pm London to Carlisle Megabus dervice, on which the fare varies with demand, but I've usually booked for a fiver or less. At the moment its £15 for next Friday. It arrives at 12.30am, but there are a few decent hotels (with night porters) with cheap weekend rates in Carlisle, meaning I get the journey and a night in a 3* hotel for around £50.