I've done that hike 7 times. The most spectacular view, which you came all that way for, is only in the direction toward Kleine Scheidegg (although the whole area is beautiful).
I haven't gone from Kleine Scheidegg up to the Jungfraujoch, but you could buy your roundtrip ticket for only that part--to and from Kleine Scheidegg. For the rest of your trip, only buy tickets to where you plan to go.
If you have a reserved time on the Jungfrau train from Kleine Scheidegg to Jungfraujoch then you'll have to do that first so you can time your arrival, unless you allow loads and loads of extra time to hike first, so you can take your time enjoying the scenery, taking pictures, and stop for refreshments near Kleine Scheidegg. The tickets between Klein Scheidegg and Wengen aren't timed.
If your ticket to the Jungfraujoch isn't timed, then it would be more direct to do the Männlichen hike first to Kleine Scheidegg where you can catch the Jungfraujoch train.
So go from Lauterbrunnen to Wengen on your pass. At Wengen walk over to the cable car station where you'll need to get or present your discounted ticket to get up to Männlichen. Walk the easy 2 1/2 mile hike to Kleine Scheidegg with the snow-capped mountains in your view straight ahead of you, and the meadows below you on your left. I heartily concur with the recommendation from the Rick Steves guidebook for stopping at the Grindelwaldblick restaurant just before you get to Kleine Scheidegg for great local food and refreshments and the best view.
Buy a discounted train ticket from the Kleine Scheidegg station to get you as far as Wengen. Then use only your pass to return from Wengen to Lauterbrunnen.
I think the views on the train route from Lauterbrunnen to Wengen are far more dramatic and impressive than the view from the train from Grindelwald to Kleine Scheidegg, but that's my person preference.