Yes, your sentence is correct, "make do with" means "tolerate", or more specifically it means "use if possible". "I wanted a red shirt but I will have to make do with a blue one." "I need a knife but I will have to make do with a spoon."

Your sentence is perfect. "To make do with" means to accept something you aren't really happy with because you wanted something else (or accepting an alternative because the better option isn't available). I want to go on holiday for 2 weeks, but I'll make do with 1 (I would prefer 2 weeks, but if I can only have 1 then ok, at least it's better than not going)! I'd like chocolate ice cream but I'll make do with strawberry.

.... well, not quite perfect - you'd still lose marks for it in an exam! Don't forget that you need an article before 'bus'. There's no train, so we'll have to make do with the bus. There's no train, so we'll have to make do with a bus. The bus isn't as comfortable or as convenient as the train, but 'it'll do' - which means it's ok because it'll still get you where you want to go. So you 'make do with the bus' - you accept it because it does the same job and there isn't any alternative.

Meaning: Accept smth less satisfactory because there is no alternative Ex: There's no coffee, so we'll have to MAKE DO WITH tea.