Thanks to Gjergji's post and subsequent comment, I was able to arrive at his answer after some effort. Over the next few days I will try to post the full proof of his resulthere for anyone who might find it useful.
We begin by assuming the existence of an orbit of size 2 with elements $\{\alpha, \beta\}$. Then we must have $f(\alpha) = g(\alpha) = \beta$ which means $\alpha$ is the solution to $1-x = x^{-1}$. Multiplying both sides with $4x$ and completing the squares, we end up with $(2x-1)^2 \equiv -3 \bmod p$. The law of quadratic reciprocity tells us a solution exists iff $(2x-1)^2 \equiv p \bmod 3$. Looking at quadratic residues modulo 3 we see it is solvable if $p \equiv 1 \bmod 3$ and not solvable if $p \equiv 2 \bmod 3$. This proves the second statement of the Lemma.
If $p \equiv 1 \bmod 3$, then $(2x-1)^2 \equiv -3 \bmod p$ can be solved. We shall denote the solutions as $\pm y$, i.e. $(\pm y)^2 \equiv -3 \bmod p$ which means $\alpha = 2^{-1}(1\pm y)$. These two distinct solutions seems to indicate there are two orbits of size 2 but this is not the case. To see this, if we let $\alpha = 2^{-1}(1 + y)$ and solve for $\beta$, we end up with $\beta = 2^{-1}(1 - y)$. Therefore there is only one orbit of size 2 whenever $p \equiv 1 \bmod 3$.
Lemma 4 : There are no orbits of size 4 or 5.
TO BE CONTINUED
To show there are no orbits of size 4, again we begin by assuming such an orbit exists with integer $\{\alpha, \beta, \gamma, \delta \}$. Let $f(\alpha) = \beta$ and $g(\alpha) = \gamma$.
Next, $f(\gamma)$ cannot be equal to $\alpha$ nor $\beta$. We can also eliminate $f(\gamma) = \gamma$ as this will just give us back the orbit in Lemma 2. Therefore the only possible assignment is $f(\gamma) = \delta$. Using a similar argument, we can argue that it must be the case that $g(\beta) = \delta$. This means $f(\gamma) = g(\beta)$ which implies $fg(\alpha) = gf(\alpha)$. This in turn implies $fgffg(\alpha) = fgfgf(\alpha) \Rightarrow f(\alpha) = g(\alpha)$ where we have used Lemma 1 and the fact that $ff$ and $gg$ are both identity maps. However we have already solved $f(\alpha) = g(\alpha)$ to get an orbit of size 2 so this proves there is no orbit of size 4.
The same techniques will also show there are no orbits of size 5.
Theorem 5 : The number of orbits as a function of $p$ is as claimed in posts above.
In the first case where $p \equiv 1 \bmod 3$, there are two orbits (size 2 and 3) and all $p-7$ remaining integers belong to orbits of size 6. Therefore, the number of orbits is $(p-7)/6 + 2 = (p+5)/6$.
If $p \equiv 2 \bmod 3$, there is one orbit of size 3 with $p-5$ integers left over. Therefore, the number of orbits is $(p-5)/6 + 1 = (p+1)/6$.

