We caught the train from Porto & really enjoyed the trip. While in Pinhao we just walked everywhere. It is just a short walk from the station to everywhere in the town. There are some great walks around the town. We did use the "Royal Tour" bus to take us through a vineyard to a different peak to get great views of the countryside-obviously if you re not walkers this would not work for you.
There is very little traffic around Pinhao to worry you if you do decide to drive yourself