herbinator said:
1) Is the park good and if so, is it possible to get from alton in the morning to lightwater valley and still get most of the day riding.
Alton Towers to Lightwater Valley by car is about a 2 1/2 hour drive. I'd dread to think how long that would be by public transport.
Aside from t'Ultimate, there isn't much else at Lightwater Valley worth re-riding (except for the Skate Karts!). That's not to say that the other rides are crap, it's just a lot of what most established enthusiasts would have seen and done before; pirate ship, water slides, sickly spinning coaster etc.
The park can easily be done in a few hours on a quiet day. You may find it boring on your own but if you can mess about with a couple of mates/family, you shoudl be able to stretch it out all day.
As it's your first visit, you'll enjoy the openness and "county park" feel to it, but after you've been on t'Ultimate, the rest of the rides may feel a tad lacklustre.
herbinator also said:
2) After a day at alton will LV seem like a fair only with the ulimate.
LOL, without even going to the park, you already have the preconception that LWV
is just t'Ultimate. In many ways, it is. In other ways, it's not. I'd suggest going because it's always good to go to new parks, but you are right to think it won't match up to Alton. And to be fair, not much else does in the UK, so they are quite incomparable.
herbinator then said:
Are there any similar parks that can be done in a half day that are closer to alton but still worth the effort and entrance fee?
As Tom Green said, Drayton Manor is nearby. As you're near Alton, then I'd choose DMP over LWV. It makes sense travelling wise and DMP compliments Alton Towers more so than LWV.
Save LWV for when you visit Flamingoland.