Magic 8 Ball says "too hazy to tell."
Seriously, CP is popular and you have a very popular dining time - prime crowd time. If you were seated immediately, and got your food right away, and didn't need to stay for all the characters necessarily, you might make your way over to Main Street (which will be absolutely packed by that point) and get a spot in the back of the crowd somewhere. Or watch from right outside the restaurant, further away.
If you don't get seated on time, I think it will be tough or impossible to do.
However, you could walk to Frontierland and watch it, but you need to get there by about 7:15 - the parade gets there around 7:20. Again, it will most likely be crowded by the time you get there.
I wouldn't plan to see Spectro with that reservation, but if it worked out, I'd consider it a bonus. Some of that depends on when you're going as well and how generally crowded the parks & restaurants are.