Apparently the only 1 TS that serves lobster in any form is Cap'n Jacks at DTD. I don't think it's a whole lobster, maybe tails. I don't eat the stuff but I've seen some other threads.
Cape May at the Beach Club has a seafood buffet. In my own opinion the best seafood restaurants are Flying Fish (2 TS), Narcoosees (2 TS) and Todd English's bluezoo (not on the dining plan).
We enjoy Cape May's - not the best seafood but it is fun and my DS loves the clams. I love the dessert buffet, I have a hard time finding room for much after the dinner. We always make time for Cape May's. After dinner we waddle over to the Boardwalk and watch the performers and let our DS play a few carnival games. It is a fun evening.