I think a lot depends on why you're considering doing this and the time of year. I never got to Murano but it won't be very convenient for seeing Venice. Go to actv.it which is the website that gives info on the vaparetto (water bus). It wil cost 22 euros/person for a 3 day vaparetto pass. If your're doing this to save money, I think there are better options. I think even Lido is closer and more convenient to Venice, but there are deals to be had IN Venice. There are even convents that rent out rooms.
There are evidently restuarants on Murano, some quite charming. I think there's even a quite posh hotel owned by the Cipriani group, but to see Venice, you're best staying there IMO and visiting Murano, unless you're there to learn glass making.