I have spent in the Dolomites most of my holidays when I was a child; my father choose some places as bases, initially Moena and later Villabassa near Dobbiaco, and we have covered all the area in different times driving from our bases. But you have to understand that, once you have chosen a base, the best way to spend your time is visiting sights not too distant from the place you are. You can allow yourself a long drive but for us this was more an exception than a rule.
From Ortisei, Cortina is three passes distant - glorious driving as Sella, Pordoi and Falzarego are the most beautiful drives, but scheduling Tre Cime - that are beyond Cortina - makes little sense as they are too distant from your home base. If you really want to see Tre Cime, you should better stay in Cortina or Dobbiaco.
If you are in Ortisei, it makes much more sense making a trip to Sassolungo from Sella pass - no less dramatic than Tre cime. As for lakes, Lake Fedaia and Carezza are distant enough from Ortisei (lake Carezza allows for a circular itinerary, going back to Ortisei through Bolzano). Also Pordoi - the second pass from Ortisei - has some dramatic hikes by cable car. All of them are way easier than driving all the way to Tre cime.