Wow, how did you get that rate? You know someone high up? Unless you mean that amount per adult? But in short, no. Sorry. Even at regular rates, I think it's very hard to combine both parks and come out anywhere near what you could pay just to stay at one. Believe me I've tried in the past. Let's look at why:
You say not including tickets, but don't you have to get at least one day tickets to get the free dining? Maybe you are just trying to compare the hotel and food rates. But IMO, you HAVE to figure in the tickets because there is a huge difference there. With WDW tickets, once you are staying more than 6 days the additional days cost you next to nothing, so there is no way you would be able to go to Universal for 4 days for what it would cost you to stay those four additional days at WDW. Likewise, there is a 14 day ticket special right now for the Universal parks and Wet and Wild, which would cost you much less than the 10 day WDW tickets. But again, if you did that and wanted to stay 4 days at WDW with 4 day tickets, it would cost you a lot more.
Okay, tickets aside you are also not going to get real low hotel rates at any of the Universal hotels in July. Too busy. Though you should be able to get some kind of discount (AAA, APH) as it gets closer. Remember, though that you get a great perk for staying onsite, and that is reflected in the hotel rates. Plus you would obviously not have the free dining, and 4 days worth of food for 4 adults is not exactly cheap. If you are really getting that good of a deal, I say stay put, enjoy yourself and plan a trip to Universal next time!