Hi Bobby,
May is a beautiful month in which to visit Disney! Be sure to check out the Flower and Garden Festival at Epcot. The park is filled with over 30 million blooms, and is absolutely spectacular! As for your dining budget, I think you can absolutely stick to it given the number of days you are travelling (In fact, depending upon the types of restaurants you choose, it's possible to have some money left for souvenirs.) Some tips we use for saving on dining include sharing counter service meals for lunch, bringing our own snacks into the parks and eating at the buffets. The counter service meals, in my opinion are often huge, and can easily feed two kids. As for snacks, even if you aren't renting a car, you can stock up on basics in your resort store and save on concessions in the parks. Finally, we try to eat at buffets "between" standard meal times (i.e., a late breakfast or an early dinner). There is so much food, that it's almost impossible not to skip a meal after dining at one. The prices are also reasonable, and include appetizers, dessert and soft drinks.
Obviously, if you fill your dining itinerary with signature meals, your budget may need to stretch, but with the amount you've allocated, I think you will be able to enjoy lots of wonderful meals without burning a hole in your wallet! If you'd like an idea of prices at many Disney restaurants, you can check out the independent website
www.allears.net. Click on "dining" from the home page, and you can pull up menus and prices for whichever restaurants interest you.
Have a great trip!
Tanya