If you have no time enought to spend in this Island, I adise you the following itinerary:
Velas - Urzelina [Tower church and local museum at the port] - Manadas [Santa Bárbara Church] - Biscoitos - Calheta [Port, museum of São Jorge, Santa Catarina Church] - Fajã Grande - Ribeira seca [Noronhas manour house] - Fajã dos Vimes [coffee plantation, traditional crazy quilt factory]. From this point, I advise you to return back to Ribeira Seca and cross the island, at this point, to the north. From Norte Pequeno, go to Fajã dos Cubres - Fajã do Santo Cristo [lagoon] (only on foot) - Fajã do Ouvidor (one of my favourites!) - Picos (Brenhas, Areeiro, Esperança, Carvão, Caldeirinha) - Pico of Choupana - Rosais [Park of Sete Fontes and Light house] - Velas.
Fajã da Caldeira do Santo Cristo.
Fondest memory: Unfortunately I didn´t go to Fajã da Caldeira do Santo Cristo because I couldn't go on foot.
I liked a lot Fajã dos Cubres and Fajã dos Vimes. In the last one, I had the opportunity to drink the coffee produced locally. Try it?