Free dining is only available for rack rate room reservations. Likely not a deal any better than the 40% of room rates.
40% off a Deluxe during value season at $240 (AKL and WL) is $96. You'd need to be a family of four or more for dining to be better. There are 3 of us so free dining is only worth $90 per night (2 adults and a child).
Move down to a moderate and free dining becomes more lucrative I suppose.
Anyway, if you're on points it doesn't matter.