So, we didn't use the funicular to go up.
My brother-in-law has a friend that lives in the Morro, and so we were granted free entry. The way up was interesting, to say the least. Just don't do it on your own, unless you are with someone that is from Santos, as it is a mildly dangerous neighborhood (I say mildly, because we were told there are worse ones in Santos).
It is almost 400 steps up, and the view is well worth it.
On the way up, there are little stops, with plaques narrating the story of Jesus' journey with the cross.
You have a full view from the Church (that is right outside the casino, just don't wander too far off) of Santos.
In the Casino, you can have a coffee and a snack, and you can also go up the stairs, where there is a ball room. If you go another floor up, you have a terrace that has an even better view of the city of Santos.