Welcome to Flyertalk. Be patient, though - TravelBuzz is a busy forum, and LBA is a pretty obscure airport in the scheme of things! For future reference, there is a UK & Ireland forum, as well as a Budget Travel forum, where you may have got a better response (the moderators here may move the thread if they feel it is appropriate - don't start a duplicate, however!)

I'm assuming that both legs are on Ryanair (although LBA-FAO could well be on Jet2, but the same principle applies). So, you're not really 'connecting' in the traditional sense, as those airlines only offer a point-to-point service - so you'll go through arrivals at LBA as normal (reclaim your luggage, check in again, go through security again) to head off to FAO.

However, this means that Ryanair or Jet2 will take no responsibility whatsoever if your inbound flight is delayed. Your only way to get to Portugal will be to buy a new ticket - and that will be at a much more expensive walk-up fare. This is even if it's the same airline that has caused the delay initially - that's the nature of the service they sell.

Now, Ryanair are pretty punctual. However, LBA is rather prone to weather delays. Bear in mind you need to be at the front of the queue 40 minutes before departure if you have luggage (this is an absolute cut-off). And bear in mind that it may take some time to get your luggage back. You'd probably make it, but it wouldn't take much for you to be stranded in Yorkshire (hey, worse things have happened...)

Personally, I'd never book sequential flights on a point-to-point airline if I could avoid it - it's just too stressful.

If there's a very cheap later (or next day) flight, you could consider booking it as a form of insurance.