We considered this to save points but then picked eating OOP. Also with the free dining we are required to buy two day tickets to the park. For a single adult that is over $180. Yes you can apply the price to an AP if you need to renew at the time you go.
For us all the above apply but we really like the location of BCV and the pool so we are not going with the free dining. But again, we did toss the idea around to save points. If you are going to add the dining plan, I would book the free dining program. We plan to grill often, eat breakfast in our room and then share food when out. I will drink water and try to keep our food cost down below what a room at a value would have cost.