Unlike Disney's needlessly complex system that doesn't really save much time and is really just about tracking your movements and spending so they can bilk more from you, the Universal fast pass just gives you access to an alternative line that is three times or more as fast as the ordinary line. So simple and it works.
As far as getting the most out of the day, the general technique is to save the longer wait rides like gringotts until the end of the day. After 4 or so, all of the people with cranky rugrats are gone so the park is half as full as in the morning and afternoon.
As far as restaurants, the best in the park restaurant anywhere in Florida (Aunt Granny's in Dollywood beats all) is Mythos in Universal. It's surprisingly cheap and pretty high quality, plus the best themed restaurant I've seen inside. For restaurants just outside the parks, City Walk has several great quality restaurants. Vivo is not one you hear a lot about but its the best Italian I've had in Orlando, especially the squid ink and seafood pasta, plus very reasonably priced. Antojitos is pricier than Vivo and about double what you'd pay for Mexican food elsewhere but it's the best Mexican I've had in Otown. Well worth it especially when you can catch the mariachi band that focuses on playing modern English pop hits in a traditional mariachi way. Red Oven is a quality high end pizza place in Citywalk that isn't the best in Otown period but blows away all theme park pizza by miles. Cowfish is the best restaurant in Charlotte NC and their new branch in Citywalk is just as good. It's got lots of good American fusion style sushi and great burgers. Bob Marleys used to be even better but they've streamlined their menu so you don't have as many choices but it's still got some decent Jamaican places. Skip Emerils, Margaritaville and Bubba Gump it's typical tourist %*%*, overpriced TGI Fridays level. The new NBC Sports Bar looks good but it only opened last week so I haven't been yet.
I'll post some more tips later when I have more time.