Actually your plan sounds good. Siena is busy but not in October - you'll likely find it perfect at that time of the year.
Whether you'll be driving a lot in a week if you stay just in Montepulciano depends a lot on what you would like to see. Make a list of all the places you want to see, and see whether they are all around southern Tuscany. If they are, then driving will be limited.
What you really don't want to do is drive from Montepulciano for day trips to Florence and to the area around Florence... that would be quite a drive to do several days in a row. So depending on your list of things you want to see, if most of them are in southern Tuscany around Montepulciano all the way to Siena and surroundings such as San Gimignano - then stay in Montepulciano and do day trips. Driving won't be too much.
But if you also list places around Florence or in any case northern Tuscany such as Pisa, Chianti, Lucca, then maybe you should divide up your week and stay a bit further north for half of the week to reduce driving times.
If you have a list of places you were considering, post them on here and we'll try to help you figure out whether you should look for something more central.
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