You want to go to Port Said or Suez? The train goes to Port Said, and while it is only a 2nd class train, I would rather take that than the bus, but are you sure you want to go to Port Said? Opps, and the train will not be going from Hurghada or Sharm...it goes from Cario.
Bus might be your best bet from either of those starting points.
Know though that the Suez Canal isn't all that Great of Shakes to see. The surrounding area is all Military and museums that have Military themes. It's really not very exciting unless that is 'your thing'. IMHO, there are lots better ways to spend a day.