Hi, Shawn!
This is a great question!
Both Disney's Beach Club Villas and Bay Lake Tower at Disney's Contemporary Resort are fabulous resorts, and both have a strong following of Members who swear by their favorites.
That being said, I'd have to suggest that you consider the following: BLT is a stunning resort, with wonderful access to Magic Kingdom Park and a spectacular view of Wishes Nighttime Spectacular from either your Theme Park View villa or from the Top of the World Lounge. (Remember, you can
only get into Top of the World Lounge if you are a DVC Member staying at BLT on your Membership points!) Disney's Beach Club Villas, on the other hand, are elegant, and offer quick access to
both Epcot and Disney's Hollywood Studios. Because of the locations of each resort, I suggest that you consider which of the above-mentioned parks you'll most like revisit on your stay. Once you've decided that, you might want to book a stay at the villas which are closest to the park of your choice.
Regarding T-Rex Cafe at Downtown Disney, you'll be happy to know that, as of 2012,
all Downtown Disney Table-Service restaurants are participating in the
Disney Dining Plan. You may find a typo here or there, either on the site or even in the pdf I attached, though, so, when in doubt, call Disney Dining at (407) WDW-DINE. I've caught a couple of omissions on either one or the other, and have called Disney Dining just to double-check.
I hope this helps! Send me any additional questions you may have regarding your vacation or DVC!
"Welcome Home!"