
Stay in Baixa or around Aliados on a first visit to Porto. It sits on the flat top of the hill with the metro underneath and the old city below, so you walk down to the sights and are not climbing home at the end of the night. Gaia across the river is cheaper and has the better view.
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Baixa or Aliados. Both sit on the flat ground above the old city, the metro runs under them, and the walk to the Ribeira and the bridge is downhill on the way out.
Porto if you want to be among the restaurants and walk everywhere. Gaia if you want the view of Porto, the port lodges on your doorstep, and a lower price — at the cost of crossing the bridge each time.