Considering your interests (great food, hiking, beaches, nightlife unimportant) then Naxos should definitely be your other island. (And Naxos has many daily ferry connections with both Santorini and Athens.) Also, Athens needs at least one full day to explore so you should drop any thoughts about Delphi or Nafplio. Also, I would look into flights from Athens to Santorini on your night of arrival. If you could get to Santorini that night (and move your day in Athens to the end of your trip) you’d almost gain an entire day and could spend two nights on Naxos.
The village square should be your first port of call on any Greek island: settle into your favourite café, pick up local gossip, and adjust to the languid pace of life. On Folegandros, this presents a challenge: the cliff-hanger capital, Chora, has not one but three squares, each brimming with a jumble of cafés, tavernas and dinky raki bars. We recommend Pounta (pounta.gr), where the Danish owner makes (and sells) the lopsided cups and bowls in which your coffee and Greek yogurt are served. From Chora, zigzagging steps lead up, up and away to the only real landmark, Panagia church; make the pilgrimage at sunrise (perhaps after an all-nighter at dimunitive Astarti bar).
Major airlines dominated their routes through aggressive pricing and additional capacity offerings, often swamping new start-ups. In the place of high barriers to entry imposed by regulation, the major airlines implemented an equally high barrier called loss leader pricing. In this strategy an already established and dominant airline stomps out its competition by lowering airfares on specific routes, below the cost of operating on it, choking out any chance a start-up airline may have. The industry side effect is an overall drop in revenue and service quality. Since deregulation in 1978 the average domestic ticket price has dropped by 40%. So has airline employee pay. By incurring massive losses, the airlines of the USA now rely upon a scourge of cyclical Chapter 11 bankruptcy proceedings to continue doing business. America West Airlines (which has since merged with US Airways) remained a significant survivor from this new entrant era, as dozens, even hundreds, have gone under.