It's probably better to draw up a very rough itinerary before thinking about travel methods. Chances are, however, that if you're travelling for 6 months or so, something like a Eurail pass or Bus About -- which tend to be most beneficial for longer trips -- will be worth it.
You can check
http://www.railsaver.com to compare the price of various Eurail passes to point-to-point train tickets, and then check Bus About.
I've met a ton of people who've used both Eurail passes and Bus About -- they're both good deals. Which one will be better for you will depend on how often and how far you plan on travelling. Also, don't rule out air travel (e.g. Ryanair, Easyjet, etc.) which can sometimes be extremely cheap for travel throughout Europe.
-Rob
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