The lounge is actually elevated a bit above the dining room floor so, if anything, the views which are unobstructed are better.
The lounge has its own menu which you can see posted on many websites, including Disneys. Each person also has the option of ordering the complete prix fix menu if they wish… 2 courses at lunch, 3 courses at dinner. If you select this menu option, it is the entire meal… you can’t select items from the dining menu individually.