Help! train travel in Austria and surrounding

Without knowing more about your itinerary, we can't determine whether a rail pass will save money, but in my experience, you can do much better with point-point tickets, regional passes, and discounted, advance purchase tickets for longer distances. For Exploring, ie short trips between small towns, a regional pass, allows you unlimited on/off travel on regional trains. In Germany, it sounds like your travel might be mostly in Bavaria. Use a Bayern-Ticket there. There is a similar "pass" for regional travel in Saxony and the Einfach-Raus-Ticket for regional trains in Austria. For the Czech Republic, there is something called a Sone-Ticket, although I don't know particulars about it.

Thank you for the quick reply and great advice! You are correct about the Bavarian Alps (Fussen area) and other destinations on the itinerary include Munich, Hallstatt and Salzburg so I'm not sure if that changes any of your suggestions but I appreciate the help!

For one-day travel between Munich and Salzburg (between any two points in Bavaria, actually), you can use a Bayern-Ticket at €26 for two people, €22 for a single person. A Bayern-Ticket gives you unlimited, hop on/off travel on regional trains all day on weekend days, after 9 AM on workdays. The trip from Munich to Salzburg is about ½ hr longer by regional train than by express. For Salzburg to Hallstatt, the train route goes from Salzburg to Attnang-Puchheim by either express or regional train and then from Attnang-Puchheim by regional train only. The trip by regional train to Attnang-Puchheim takes about ½-¾ hr longer. The fare by express or regional train is the same, €26,40/p, so might as well take the faster express train to Attnang-Puchheim. If there are two of you, you can split an Einfach-Raus-Ticket (regional trains only, after 9 workdays) for €32 for both. A single person cannot use the Einfach-Raus-Ticket.

Thank you so much for your help! Your suggestions have helped immensely in planning this trip!