AD, Below is a letter I sent to some friends of ours that were wanting to visit YNP and the Tetons. It will cover most of what you asked. If you haven't already made reservations yet, you should start your research ASAP and start calling because things do fill up fast. The most important tip I can you give is that YNP and Grand Tetons are
BIG places that take time to get around in. The closer you can stay to where you want to visit the better.
The Yellowstone area is our favorite place to vacation and I’d it treat as one of the great vacations of your life. (You’ll understand why after you get there) You also need to know that it’s
big. It’s much too big to see everything in just a few days unless you can find lodging in the park. (We usually try to spend a minimum of 6 to 7 days in the area) That’s why I asked what your main objectives are and how long you have so I can get you in the right spot(s). (You need to plan your time accordingly)
Here’s a link to the Yellowstone “Plan your Visit” site which you should explore before going.
http://www.nps.gov/yell/planyourvisit/index.htm
If you can’t find lodging in the park then the west, north and north east entrances have small towns just outside the gates where you can find rooms to stay. The east entrance has some lodges but most aren’t just outside the gates and can take well over an hour just to get inside the areas of the park where most want to visit. (And that's without traffic which they do have) Just outside the west entrance is West Yellowstone and there are plenty of hotels there. You should start making reservations now if you want to pick where you stay instead of just finding someplace to stay. It’s a great place if geysers are your main point of interest. If wildlife is your main point of interest then Cooke City is a great choice because you go through Lamar Valley to get to everything else. This is where we saw our first wolves, a big grizzly, antelope and tons of bison. Gardiner is just outside the North and is another good spot for wildlife and is closer to the geysers than Cooke City. If museums are of interest then stay in Cody outside the east entrance.
I’m of the opinion that it takes a bare minimum of three days to see Yellowstone and not be rushed. If you have three days you can devote one day to geysers, one day to viewing the waterfalls and one day to seeing wildlife. You can see wildlife as you go from geyser to geyser and waterfall to waterfall but most of the harder to find animals take a little luck or a little more effort. If you had seven full days you could really get a feel for the area. (Including Cody, Cooke City, Grand Tetons & Jackson Hole)
Things you should have to make your trip more enjoyable:
1. The best set of binoculars you can afford. The better they are the better your chances of seeing certain wildlife. Many of you viewing opportunities are from a good distance away. (The wolves we saw were approx. 500 yards away)
2. A good camera, tripod and the best telephoto lens you can afford. (Remember, Many of you viewing opportunities are from a good distance away)
3. A good spotting scope. The better it is the better your chances of seeing certain wildlife.
Must See Things in Yellowstone:
1. Geysers:
a. Old Faithful Geyser / Basin and Lodge
b. Lower Geyser Basin / Firehole Lake Dr. (Great Fountain Geyser, White Dome Geyser)
c. Midway Geyser Basin. (Turquoise Geyser, Opal Geyser)
d. Mammoth Hot Springs (Historical) (The Mammoth Hot Springs Terraces doesn’t have much water in them anymore so they aren’t as nice as they once were)
2. Waterfalls:
a. Canyon Village area South Rim Drive.
i. Upper Falls View.
ii. Artist Point. (View of Lower Falls)
iii. Uncle tom’s Trail to the bottom of Lower Falls. Going down ins't so bad but coming up is quites a bit harder. (Just remember there is a trail down and then there are 328 stairs and you’re at around 7000 foot elev.)
b. Canyon Village area North Rim Drive.
i. Upper Falls View.
ii. Trail down to top of Lower Falls view platform. (No steps on this trail but steep in places)
iii. Lookout Point & Grand View.
iv. Inspiration Point
c. Canyon Village area Brink of Upper Falls. (In between South Rim and North Rim Drives)
d. Tower Falls (Between Canyon Village and almost to Tower Roosevelt ) (Also have a great gift shop here) (Nothing of any real interest in Tower Roosevelt unless you’re looking for historical)
e. Gibbon Falls. (In between Norris Basin and Mammoth Village)
f. Lewis Falls. (In between south entrance and West Thumb) (Nothing of any real interest in West Thumb or Grants Village)
3. Wildlife:
a. Lamar Valley. (In between Tower Roosevelt and Cooke City) (Best chance at seeing wolves. Also bear, antelope & bison)
b. Hayden Valley. (In between Lake Village and Canyon Village) (We’ve seen huge herds of Bison every time we’ve gone through this area) (We also saw a momma bear and two cubs last time we were in this area)
c. Mount Washburn. (We’ve seen Big Horn Sheep every time we’ve gone through this area)
d. Madison River Valley. (We’ve seen Elk every time we’ve gone through this area)
4. Historical / Other Things:
a. Mammoth Village / Lodge. (Historical and we usually see Elk there)
b. Lake Village / Lake Lodge. (Historical)
c. Fishing Bridge. (You’ll go over this on your way to Cody and you could possibly see otters.)
d. North Entrance Roosevelt Arch (Historical and there is usually Big Horn and Mountain Goat in between Mammoth Hot Spring and the north entrance)
Other things to see (in the park) if you have time:
1. Norris Geyser Basin.
2. Upper Geyser Basin.
3. Biscuit Basin.
4. Black Sand Basin.
5. Monument Geyser Basin.
Things to see outside the park if you have time:
1. Grand Tetons National Park is a must see.
a. Jackson Lake Lodge. You won’t regret a visit to the lobby and patio here as the view and furnishings are spectacular. Also eating here is a real treat. (The Mural Room is spectacular upscale dining. The Pioneer Grill is a 1950's style diner with great food. We also usually do a drink and some appetizers in the Blue Heron Lounge) You can stay in the lodge rooms but they are, how should I say this, well lodge/cabin like. They are nice but as of the last time we stayed there, they were a little dated. Having said this I'd still recommend staying here for at least a day or two because it cuts down on your driving time if you stay down in Jackson.
b. Snake River.
i. Take a raft trip if you have time. (We used Barker-Ewing Rafting. You won’t regret it)
ii. Oxbow Bend Turnout. (Great for pictures in the morning)
iii. Cattleman’s Bridge Site (We saw Osprey, Eagles and a family of Otters here)
c. Jackson Lake.
d. Jenny Lake. One of the more beautiful lakes you’ll ever see. (Take the shuttle / ferry from the ranger station over to the Cascade Canyon Trailhead)
e. Moose Wilson road. (We’ve seen Moose along here a few times)
f. Gros Ventre Road / Mormon Row / Antelope Flats Road (Drive out here to see Bison and possibly Moose. Also you can pull off of Antelope Flats Road (just east of where it intersects with Mormon Row) and take a picture of the barn from the movie set of Shane)
g. Pacific Creek Road out towards Emma Matilda Lake. (We’ve seen Grizzly and Black Bear out here)
2. Town of Jackson Hole. Link:
http://www.jacksonholenet.com If staying here we can recommend the Rustic Lodge (fairly expensive) or the Cowboy Village Resort Cabins (a little more reasonable)
a. Jackson Town Square. (Each corner has an Elk Antler Arch)
b. If art galleries are of interest, then there are dozens of them surrounding the Town Square.
c. Directly across the Town Square is the Million Dollar Cowboy Bar. (All the bar-stools are saddles)
d. Elk Reserve Visitor Center.
e. Wildlife Art Museum.
f. Wort Hotel and the Silver Dollar Bar & Grill. (The entire bar is inlayed with Silver Dollars)
g. Gun Barrel Restaurant.
h. Chuck Wagon (Cowboy) Dinner Show
3. Town of Cody and all its museums. (You won’t regret it)
Hope this helps.