on bringing the kid, it really depends on the kid. I fly to Europe every year and last summer (with kids 3.5 and 7) it was the first time they adjusted to the time in just two days (meaning going to bed at midnight and waiking up at 11 am or later for two days), in the past years we had 3 or 4 days with kids awake until 2-3 am and sleeping until 1pm the day after, a nightmare. also, they end up sleeping on the flight to Eueope somehow while I am kept awake by them, so when we get there and in the evening I am trying to go to sleep at 7pm (after been awake for maybe 30 hours), they are happily jumping around until 2am. so for a short trip, consider that the jet lag may be a problem, and if your kid is deeply sleeping at 11 am, you may end up been stuck in your hotel room
Portugal is really beautiful and not very big. Porto to me was different than the rest of the country, much more "british". I would not spend more than 2 days there, I would rent a car (we did, although we left from Lisbon) and drive around. there are really beautiful places worth the trip, especially Coimbra, Tomar and the templar castle, the Alcobaca monastry. I would live the ocean alone, I went in August and it was freezing cold outside of Lisbon (super hot outside) so I can only imagine how it is in May in Porto (but I confess I am from Europe and used to the warmer Mediterranean). But Portugal is so so beautiful that I would not waste days at the beach if I only had 5 or 6 days to visit. Lisbon also is worth a trip, and the complex of the Los Jeronimos, but I am not sure if you have time, unless you do only Porto and Lisbon. I relly envy you, I have been to Portugal twice and loved it both times.