Hi Lindsey!
Thank you for bringing your question to the Disney Parks Moms Panel. The answer to a lot of your questions depends on your
Walt Disney World personal preferences, but I'm hoping some of my pointers can help you sort things out!
If you would have asked me two years ago whether or not to get theme park tickets for each day I would have said "100% YES!". My girlfriends and I would do the races in the morning then literally shut down the parks at night. Now that I have a little one, this is simply not an option. Since you said you are going with a friend I'd judge it off how comfortable you'll be physically. If this is your first half, a day in the park before and after may not work out so well. If you feel pretty conditioned though, I'll never say no to more park time!
For dining, if you plan on doing Character Meals, you'll definitely get the biggest bang for your buck with the Dining Plan! Not only can you save doing this, but you pay it all before hand which can make vacation more stress free. If you plan on doing mostly Quick Service meals you may find it's economical to just pay as you go.
For Walt Disney World Resort hotels I honestly don't think you can go wrong! A big deciding factor on this for you and your friend will be budget. I will always recommend any of the Monorail Resorts first because I think the convenience can't be beat, especially on a race weekend! With that being said I've done plenty of budget friendly trips where we've stayed at a Value Resort and still found it to be incredibly easy with Disney transportation. For a recommendation for each category I'd say, Disney's Contemporary Resort (for Magic Kingdom proximity), Disney Port Orleans- French Quarter (for the beignets) and Pop Century (for the Tie Dye Cheesecake)!
I have limited space so please come back if you have more questions!
-Lindsey ºOº