Welcome to the forum.
You could try posting this in the South west regional section too as more people might see it.
I have walked most of the West Mendip Way bit of this walk as day walks. Accommodation wise there is a YHA at Cheddar a little way off the route, a camp site (Mendip Heights) near the path by Priddy. The Queen Vic in Priddy is worth a visit.
There is also a Premier Inn on the A38 near where the route crosses it at Kings Wood/Shute Shelve and a campsite.
The route also passes by the Webbington Hotel at Loxton.
Depends what sort of accommodation you are looking for.
As to the route itself, signposting was a bit hit and miss so you'll definitely need to refer to your map or GPS. I enjoyed the bits I walked, I would add in the climb to the top of Dolebury Warren and then divert up to Beacon Batch because I can't resist high points! Also I have a history of getting misplaced in Rowberrow Warren!!
The caves at Wookey Hole and Cheddar are worth a visit although both have their tacky side. Also take time to visit Wells Cathedral.
I can't comment on the route to the East of Wells as I've not got round to walking that bit yet.