Sorry Amit - I didn't quite understand. £350 for Hurghada? £450 for Sharm?
In any case I would have thought that going back and forth to Sharm every day would cost money and be extremely draining because of the heat. If you want to see Hurghada and Sahl etc it would probably be better to base yourself there so that not only can you get a feel for the place but be able to relax and enjoy your holiday rather than exhausting yourselves. I know the temperature there is hitting 40+ at the moment. In Bahrain it's about the same and I find it difficult just going shopping!
You need to see Sharm to understand what it is you want and don't want and others are best placed to advise you on that. I can definately tell you that taking a long trip in the morning, spending a day looking at the area/visiting the developments then taking the trip back at the end of the day will not only exhaust you both but probably put you off the whole idea!! I would suggest that you would be better staying in a nice hotel in Hurghada (or renting an apartment as Neil suggested), spend the cooler hours of the day seeing the property on offer, then relax and enjoy yourselves. If you go back home more frazzled that when you left, you're ultimately not going to take a favourable view of Egypt back with you.
Just my opinion though
