As far as transportation, I'm not certain if Disney still does a "Character Breakfast" bus anymore. A couple of vacations ago, they had a bus that'd hit the various character breakfast locations. If that is not available, hop the bus to the Ticket & Transportation Center (TTC) and then catch the bus to Yacht Club/Beach Club. That bus may make stops at the Swan/Dolphin, so be sure to get off when it arrives at the Beach Club (not before). If you do this, give yourself at least an hour before your reservation. (Or you could take a cab, which would be faster, but maybe expensive.)
Cape May Buffet breakfast is great -- huge selection of fresh fruits, granola, yogurt, hot and cold cereals, eggs, breakfast meats, Mickey waffles, and a big pastry bar. The atmosphere is somewhat low-key compared to Chef Mickeys... my family likes it better. The characters seem to spend more time at your table and often have the opportunity to visit more than once (a big benefit). For our family, Cape May breakfast is a definite "must do" on any Disney vacation.