OP, Universal tickets are so much cheaper than Disney that I think you still come out way ahead without "free" dining. The on-site Universal hotels are truly luxury hotels, as opposed to Disney's idea of Deluxe. And if you choose to stay offsite, there are several decent place within walking distance that are affordable.
We stayed at the Doubletree last time we were there, got a rate of less than $70 a night, and were about a block and half away from the on-site hotels. It took us all of 8 minutes to walk to the Universal entrance from our hotel, and they provided a shuttle service if you choose not to hoof it.