Last year we did the tour that takes you through Funchal, to Camara dos Lobos, and ends at a Madeira wine tasting. I highly recommend this tour, it was a great balance of everything walking, bus, information, and pauses to take pictures and explore. We got lucky, and ended up with extra time on the island since our ship made such good time, and we got to also just walk around Funchal on our own for awhile and explore.
Oh, and the price last year was incredibly reasonable (especially since we also did a tour in Malaga which eas more expensive and just awful, so to us paying $55 or whatever it was in Funchal was a deal!)