Sean, whether you'd be more comfortable staying in one riviera town the whole time vs. splitting up your time in two nights is largely a personal preference. My inclination has been to split my nights, but some people prefer not moving so often. One thing great about the riviera is that the trains are super convenient to connect most of the towns, from Genoa all the way down to La Spezia. (Some towns like Camogli may have more limited train service - some faster trains don't stop there but plenty of regional trains do.) Picking which individual town is also more down to preference (though I know, without having been there, you may not know the difference). I've stayed in Camogli and Rapallo. Both are nice but I slightly preferred little Camogli. Santa Margherita Ligure though is a really lovely town too. It feels slightly more touristy the others, a little bigger maybe? But it wouldn't be a mistake to stay there.
There is ferry service around the Portofino peninsula (Rapallo, Santa Margherita Ligure, Portofino, Camogli) plus you can hike between some of the towns (though less rewarding, than the Cinque Terre trails, MUCH less crowded!). It's easy to hike between Rapallo, Santa Margherita Ligure, and Portofino. You can hike between Portofino and Camogli too but more difficult.
It's hard to pick a bad Cinque Terre town, either. (They are worth seeing.) I have an affection for Levanto because I've stayed there a few times as a budget solo traveler. It's a nice town, but...it's not quite the same as the five villages of the Cinque Terre that eye-pop out of the side of the hill in such a dramatic way. Levanto is a nice town but seems more of a conventional beach town. You can hike from Levanto down to Monterosso too (hike is OK but when you get to the point just above Monterosso, BREATHTAKING view south of all five CT villages!).
Vernazza is Rick Steves's favorite CT town so seems the most crowded of the five. Manarola is the smallest. Corniglia is high up on a hill, ferries don't stop there, and you have to hike up to the town from the train station, so it's less popular at night I'd say...which might be a big benefit. None of the towns is likely to be super crowded at night anyway, though.