Base out of Bologna or split between Venice and Bologna?
 

I have a couple of options for a trip later this year:

1. Take a bus from LJU to Venice and stay there 2 days (maybe 1 of those for Verona), and then move on to Bologna for 3 days, with day trips to Ferrara, Parma, Florence, etc.

2. Fly straight to BLQ and just base myself from Bologna for 5 days with day trips to Venice, Verona, Ferrara, Parma, Florence, etc.

I'm sorry but I am really trying to get my head around the concept of "basing" oneself in Bologna for 5 days while doing day trips to Venice, Verona, Ferrara, Parma, Florence and (my personal favorite) etc.

I can't for the life of me recommend 5+ cities in 5 days in Italy but, hey, it's your life and your trip. If you do want to do the city/day type of trip, I'd recommend forgetting about the idea of "basing" oneself anywhere. Why not just wander from city to city and "base" yourself wherever your two feet happen to be?

I was just thinking of this way because then I don't have to lug bags around to every city I go to. Bologna is a rail hub so seems easy enough.

I don't think it's a bad idea, but if you only have 5 days, I'd limit my trip to one or two cities.
if your first time to Italy, then I'd do Venice and Bologna; leave the others for the next time.

Bologna and Florence is the easiest pair if choosing two and basing yourself near Bologna station. 35 minutes on the fast train.
I've done this myself and also with my wife.

Other worthwhile day trips on the train from Bologna without going too far are Modena and Ravenna (although some trains to Ravenna are slow!)