We will be traveling from Zurich to Murren for 4 days then from Murren to Varenna in Oct. Could you advise if it is more economical to buy point to point train tickets or some kind of rail pass? We will want to use some lifts around Murren for hiking purposes (but not the ones to the Jungfrau or Schilthorn).
The 30 day Half Fare Card for 120 CHF will work if you have more than 240 CHF of train tickets.
It is 91.60 CHF from Zurich airport to Muerren, and 73.60 CHF from Muerren to Domodossolo, Italy.
So if you have more than 75 CHF of local tickets, you will come out ahead.
Muerren to Birg RT is 43 CHF, Muerren to Allmendhubel RT is 13 CHF, Muerren to Lauterbrunnen RT is 30.80 CHF. So depending on how much you use the lifts, it may or may not pay off.
http://schilthorn.ch/cmsfiles/tarif-flyer_2016.pdf
http://www.sbb.ch/en/home.html