2 hours should be enough to go from T1 to T5 at ORD. The rapid transit train runs every couple of minutes.

Yes you will have access to the F lounge (nothing to get too excited about, small but with a nice view of the ramp).

The pre-flight dining is actually housed in the Terraces lounge across the concourse. As you are travelling in Club you will only have access to the Club side of the pre-flight supper area. It is buffet style, and (in my most recent experience) not particularly good I'm afraid.

Couple of warnings about T5 at O'Hare. The fast track is to the left of security, but rarely policed effectively (sound familiar) and post security there is little to do or see outside of the lounges. One Hudson News and a couple of carts selling alcohol and duty free. Abysmal.