I wrote this in one of my first posts in this thread. But until now I got no reaction why it seems to be such a "MUST".
And you are right: Going from Bellagio to Lugano means:
Driving to the ferry, waiting at least half an hour for the next boat, 1/4 hour boats ride to Menaggion, then a at least one hour drive to Lugano, and if, as it written in # 18 the OP will drive even further on to Mocote, this wouls add another half an hour. The same for the drive back. So when will be the time for sightseeing anything?

Sorry - I mixed up the days. You said day 1 - for me day 1 is when I just arrive to Bellaggio.
So, I found lovers walk in Varenna. (Its my day 2)
When I said - Pescallo - I meant in Bellagio - I read that it is a small fishing area thats worth the visit.

I revised the itinerary. However, I am not sure it's doable to be enjoyable. For day #3 I can remove Lugano and Morcote - but will there be enough to do in just Bre?


DAY 1
Milan -> Bellaggio
1. Bellagio (old town, Salita Serbelloni, Punta Spartivento)
2. Orrido di Nesso
3. museo del ghisallo
4. Asso
Dinner: ristorante la colma


DAY 2:
1. Varenna (castello div ezio ,lovers walk, La Passeggiata Degli Innamorati, Green Way dei Patriarchi, Villa Cipressi and the gardens, Villa Monastero )
2. Boat Trip (TBD ) 2-3 hours
3. Bellano Gorge

If we have time (Perledo, Esino, Bigallo, Orrtanella

4. Dinner: Cacciatori (Via del Roccolo, 1, 23825 Loc. Ortanella, Esino Lario LC)

DAY 3:
1. Gandria
2. Bre
3. Lugano - maybe
4. San Salvatore
5. Morcote

Milwunk, it is the OP's trip. If they wish to go here, it is ultimately their decision. A "must" for them may not be a "must" for you. We all have our reasons for choosing what we want to see and do when we travel. I don't understand the appeal of Xmas markets, for example, but I am not going to yuck someone else's yum if that is how they choose to spend their time and money.

""Dinner: ristorante la colma""
NO, this restaurant is not for dinner. Please look it up on any map. It is in the midde of nowhere, in the mountains, before you reach the bike museo. And if you have dinner in that restaurant, you'd have to drive all the way back to Bellagio in darkness, on difficult roads.
The same is for Dinner at Cacciatori at Ortanella. You'd have to drive back to Varenna in darkness, and so late there is no ferry back to Bellagio.
And I'll resist to say anything more to your day 3. You know my recommendation. But if you really want to rush through Switzerland, you have to do it.

Of course, you are right. But I tried to help and give good recommendations. And I know and wrote so often, it is his/her trip. I only can recommend what is possible and what not. If it is worth is the decision of the OP:

I appreciate your help - ALOT. Perhaps lunch then. I wanted to know if all I had on Day 2 is possible with comfortable pace. Remember we are having a boat trip there for 2 hours or so at least. If not - what should we not do. Also, regarding day 3. SW is not a must. What should I do on day 3 - if you were to do it?

Are you driving from Malpensa immediately after landing? From an overnight flight? Yikes.

If you're still planning to drive on Day 1 starting at Malpensa and ending in Bellagio, there will be some backtracking if you want to include everything you mention in that single day. (Which IMO is a lot after a flight and will keep you moving fast and watching the clock.) If you haven't already done so, plot this on maps.google.com and you'll see what I mean. Add time to all google driving estimates.

Some drive times:
Malpensa to Asso (1+ hours, not counting time to rent car)
Asso to Ristorante la Colma (20-30 minutes)
Ristorante la Colma to Madonna del Ghisallo (25-30 minutes)
Ghisallo to Bellagio (30 minutes) -OR- Ghisallo to Nesso (45 minutes) and Nesso to Bellagio (35 minutes)

If you have an interest in pro cycling, plan on visiting both the Ghisallo chapel and the adjacent museum. Depending on your level of interest, you could easily spend 2 hours here. Tip: Don't refer to the museum as a Tour de France (TDF) museum. It's a cycling museum, esp. Italian pro cycling and most of the memorabilia is of Italian cycling legends. It has a collection of yellow jerseys (TDF) , but the collection of pink jerseys (Giro d'Italia) is huge.

You didn't ask, but if this was my trip I'd spend all three days at Lake Como... unless you're heading deeper into Switzerland after Day 3. Yes, Lugano et al. is close, and, yes, there are things to see/do there. But you're really packing the days at Lake Como, moving fast and skipping some great stuff. In a place like Lake Como, I prefer to slow down rather than speed up... enjoy the weather (hopefully), the scenery, a leisurely lunch, a glass of wine with a view in the afternoon, ferrying around the lake rather than searching for parking. Different strokes...

Jean, you are right with your concerns.
But as far as I understand, and as I recommended, the drive to Asso and further on around was not ment for the arrival day, but for the day after, also the first full day. I hope the OP had understand it right. For the day after arriving, I only can recommend driving straight to Bellagio.
And you are also right: I also would stay only around Lake Como, I would not drive to Switzerland if I have only such a short time. I wrote this to the OP also and told him a lot what to do and to see around the lake.

Right! If you'll be crossing multiple time zones, it won't be safe for you to drive for at least 36 hours. Not safe for you, not safe for anyone else on the road! Please reconsider!!!

Monte Bre and Monte San Salvatore are just viewpoints that you can reach from Lugano Paradiso resp. Lugano Cassarate by rope railway.
Ther is nothing to see there than the panorama over the lakes and to the Alps.
If you like that, visit either Monte Bre or Monte San Salvatore.

OK. Understood - I think. I will remove everything from day 1 and move it to day 3.
So...
Day 1 - only Bellaggio.

Day 2 -
<!--td {border: 1px solid #cccccc;}br {mso-data-placementame-cell;}--> Varenna
Boat Trip - 2-3 hours
Bellano
Perledo
Esino
Bigallo
Ortanella

Lunch: Cacciatori

Day 3
Pescallo
Orrido di Nesso
Asso

Skip (Bre, Lugano, San Salvatore, Morcote, Gandria) or should I add any of them to day 3?

Sounds much better. And as I wrote so often: Why driving to Switzerland? It is the same mountains, the same scenery for much more money.

So nothing to add to day 3? Where should we go for lunch on day 3?

Sorry, but do you ever read my posts? I wrote in # 27: Ristorante la Colma

I do. but moving things back and forth makes me forget - especially when Im not familiar with the area. Thanks.
Any dinner recommendations? Like amazing stuff. I dont mind paying for amazinf food but it does not need to be Michelin - I have this here.

If you stay in Bellagio you only should have dinner there. There is no ferry service in the night, and driving around in darkness really is not recommended.
So you can walk in Bellagio during the late afternoon and look at the menues, always written outside. The prices given are tax and tips included. So you cand decide, day by day, where you want to have dinner.

OK will look, unless something stands out the most to you.

Also, boat ride, should I do this on day 2 when I am in Varenna or day 3? I dont want to take ferries. I want to take my time on a lake with my friends with wine and cheese!
thoughts?

We never stayed overnight at Bellagio, we always stayed at Varenna. So I cannot suggest any.

So you are looking for renting a boat for your own? This would be a very expensive trip. I really don't know where to rent from. And the scenery is the same, if you go by ferry or privat boat.