Since you know what the kosher meal already tastes like and can rule out food as a deciding factor, the restaurant itself is actually quite nice. Outside, you can find Lady and Tramp's paw prints in the cement in the center of a heart. The film plays on a television in the lobby, and the restaurant walls are filled with references to the film. There's a large fountain with a statue of Lady and Tramp in the center, and even a window that shows the back alley where Lady and Tramp had their first date at Tony's. Overall, the atmosphere is nice.
As far as parade viewing, if you do the The Disney Festival of Fantasy Parade Dining Package, you get a really good parade viewing spot. If you are not doing the package and request to sit outside, the view isn't that great, but the floats are tall enough that you'll be able to see some of it.
What we usually do is watch it from in front of the Barber shop on Main Street. The viewing area is never crowded there, even at the last minute, and is perfect! Unfortunately, you probably wouldn't be able to make it to that viewing location with a 2:20 Tony's ADR though.