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Going to Europe need help!!

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So this coming summer 2010, my cousin and I want to travel to Europe. We have figured finances and think that if we can do 75 US$ apiece which is about 50 euros a day then we can stay for 60 days give or take a few days. Is that a reasonable amount of money a day though? Should we try and stay in hostels or hotels? We figured it would peak season for youth hostel's especially (we're both 21).

Now as of itinerary we figured we could fly in to the UK visit Britain, Wales, Ireland, and Scotland in a little over a week. From them we were going to go to France spend maybe 3 days there make a quick trip to Barcelona 2 days probably. Head to Italy spend 2 weeks traveling down and around Italy ( we were also think maybe once we got to Bari to take a ferry over to Greece for 4 or 5 days and maybe from Greece jump a plane to Egypt we both really want to visit Cairo for a few days) once we get back to northern Italy head up to Austria, Hungary, and Czech Republic take that in for a week 1/2 and then go through Germany to the Netherlands and then back to the states. So does anyone think that this could possibly even be plausible? we were thinking a day for travel between each major country too if that helps at all.

We were also planning on purchasing the Global Eurail pass to make travel easier between countries. We were planning to leave around the 24th of May also.

Any thoughts, ideas, criticisms, or suggestions on any of this?

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