In reply to jamiemoss:
You may want to consider taking the ferry to Moskenes rather than Svolvaer - it's more frequent. That ferry connects with a bus that will travels the whole length of the Island and will drop you more or less where you want. If you're going to stay in Henningsvaer the bus will connect with a mini bus or taxi which will take you the rest of the way.
A single fare on the ferry was ~148 Kroner this Summer. The bus fare from moskenes to Svolvaer was about 200 Kroner. Time wise I don't think there would be a great deal of difference in either route to Svolvaer.