Hi Ron -
That's a great itinary - have been to the places in July 2003 and returned to some in Sep 2005, you'll have some excellent dives. Am actually planning to go back once more in April or May. Anyway, assuming you arrive at Cebu City, its a 3 hour busride to Moalboal (you can also take a taxi, may be a bit faster. However, the recklessness of the bus drivers on the Cebu - Moalboal route is such that I'd recommend the biggest means of transport you can find...). The diving at Pescador Island is fantastic - the visibility was huge when I was there. Lots of small critters on the walls, frogfish etc and abundant fish, jacks in the blue and.....large whitetips reef sharks in the deep (we encountered them at 47.6m, to date still the record on my log and not proud of it, but never leave ur buddy alone etc. etc). The diving on the other sites around Moalboal was less interesting, I'd stay at Pescador as much as possible.
I travelled onward to Apo Island (2 hours south by bus, boat to Negros, bus to Dumaguette, other bus to Dauin - there are two dive resorts on Negros with d/ exists to Apo Island). Took the ferry from Dumaguette to Tagbiliran (from where its 30 minutes to Alona Beach on Panglao peninsula) or Siguijor, cannot remember. Anyway, if you do not go to Apo Island, you either have to go back to Cebu to take the ferry to Tagbiliran to get to Alona Beach (30 minutes by motorized bike or taxi) or Cabilao (think you need to take a bus north, then catch another small boat to get to Cabilao - havent been there yet (that's why i am going back...)).
Manhattandiver on this board got from Moalboal to Cabilao without trackingback to Cebu City, am pretty sure he posted a reported on that trip somewhere on the board. He's still active so may be send him a pm.
Haven't been to Cabilao but spent lots of time at Alona Beach - Balicasag Island is comparable to Pescador Island, fantastic diving, period. The reef immediately in front of the island is also nice, but a bit darkish somehow. That's where the pigmy seahorses are, though (Arco Point - spotted seven on a whip). I liked the Alona Tropical in Alona Beach, cheap, on the beach, friendly, nice restaurant on the beach, palm trees.
From Alona Beach there is at least two ways to get to Leyte - back to Cebu City with the ferry, and then another ferry to Maasin on Leyte. Or you can overland it - take a bus from Tagbiliran to a place on the eastcoast of Bohol called Ubay (remote, desolate, interesting experience). From there you take a ferry to Maasin and bus it to Padre Burgos in South Leyte (presume you stay at Gunther's or Pete's Whale of a Dive resort). I got an early bus from Tagbiliran to Ubay but did not make it in time to get a ferry and had to overnight, wasting a day. The overland trip is interesting though, kind of Mad Max scenery - every single tree has been chopped, weird green hills completely empty, only the Scottish sheeps are missing...
Diving Leyte is special, make sure to check the Naphantaw area.
Now you still now nothing about whether to stay at Cabilao of course....check for manhattandivers trip report, he stayed there a few days i think doing a lot of diving.
Happy bubbles!
Arie