Bologna will be noticeably less touristy than Florence, indeed outside of Piazza Nettuno to le due torri, you'll probably not notice tourism... it's still very much a functional city.
I like Bologna, especially as a place to grab an apartment and graze the food shops. October is great for the produce that will be available. It's decently weatherproof with a decent run of porticoed streets, but we generally find October a good month for weather - often warm but rarely hot. Not much in the way of rain either.
In terms of easy day trips, it's a little bit of a mixed bag. On the upside, there are frequent fast services on the (via Emilia) mainline, including Faenza, Parma, Modena, Imola, Reggio nell'Emilia, with Ferrara and Ravenna both within sensible day trip range. However... as is often the case in Italy, the train stations are typically a brisk walk away from the centre, so do factor that in to both the time needed, and energy levels for the day.
I will recommend a lowkey but sociable little white truffle festival in Pianoro (a ~ 45 minute bus ride from Bologna). Maybe 12 stalls of good produce, an exhibition by the local mycological society and a communal dining area to eat truffles on pasta etc. A tourist activity where the tourists are likely to be Italians (mixed in with locals). I think it had 2 weekends, so there's a chance it might coincide with your trip.
Bologna has a good tourist office in Piazza Nettuno, so worth a browse of their website to see what's happening
Downsides for Bologna? If staying in hotels, prices can get very high, and are often influenced by whether large conferences / conventions are happening that week in the city. We've also had surprisingly mixed experience with restaurants, which may just be bad luck on our part (the food shops have been much more rewarding)