We stayed at this property back in 2006 and the "walk for food" can definitely happen. But, I have to admit, per Mary2e's advice, that being able to drive to the parks was a huge time saver. I understand that the rental will be $400+, but if you can find it for any price cheaper, I'd go with the car rental.
We booked a suite at this hotel and it was okay. We were much happier staying "on-property" at the Dolphin.