Jersey,
As for the time, we're currently the same as West coast. It's 3 hours behind NJ time. There's only a 2 hour difference in the winter.

I'm not too hip on what good Mexican places are in Sedona, but I can recommend a few in Flag. Salsa Brava on E Rt. 66 is pretty good. Las Mananitas downtown (Beaver and Birch) is pretty good too. Casa Bonita on Milton is not bad - and has good margaritas. If you don't care about ambiance, and would like to grab a quick bite, IMHO, Burritos Fiesta has the best Tacos in town. Bring cash - they don't take plastic. In Sedona, the airport is a nice place to eat. We don't go down there to each to much - just for the hiking in the winter time. I'd avoid the tourist trap at the North end of highway 89 in town though.

Other good places to eat in Flag: Brandy's, Mrs Zips (local diner), Busters, Little Thai Kitchen (really good Thai, but tiny place), Dara Thai, Jackson's Grill, and Beaver Street Brewery has some tasty beers and good food to go with it. Mama Luisa has good Italian - there's also a couple of Italian places on heritage square, but they seem a bit spendy for what you get. If you want a really nice meal, the Cottage Place is the nicest restaurant in town. The food and service are always impeccable, but the price will reflect that fact.

Jerome is a nice little diversion, but there's not a whole lot there. You can do it in a few hours. Prescott is a neat little town as well and may be worth visiting. You could loop around and come back to Flag thru Chino Valley and Ashfork. There's not much to see in either of those places, but you will come back thru Williams if you go that way. Prescott is right around 100 miles from Flag.

If it's warm enough - which it might be by the end of the week, you might want to check out the Hart Prairie and Schultz Pass areas on the mountain. Fall is the best time to see Hart Parade though since it's full of aspens.