Hi, Tracie:
The Radisson Universal is a very nice hotel literally across the street from Universal Studio's parking deck on Kirkman Rd. I stayed there on my very first time to Orlando. I would not call it "walking distance", though, unless you really like walking!
Recently it's been a frequent winner on Priceline.com, some getting it for as low as $25 a night. The 5 day tickets on Universal are now going for $89.95 each, same as the 2 day with the third day "free", so IMHO, I think you can do better than the package if you book it yourself.
Beware of the so called "extra" offers given with the package, also. The "extras" such as kids eat free or Citywalk entry are available for all guests. Depending on the time of the year you're going, you can check USF's onsite hotels with the Entertainment rate and get them WITH FOTL access, which is the best perk EVER, for as little as $99 a night. Call 1-800-UESCAPE and check out their rates for your dates.
