We have bowled there several times but have not dined in the actual restaurant there. We have never had a reservation and never had to wait. Twice in the middle of the day and once on a Saturday evening. Maybe we were lucky with no waits.
When you get your lane, you will have a server and yes, you can order food and eat while you bowl. I will say that the area where you and the lane beside you set at (they are separate tables) is a little tight. The tables are long and there is a booth seat for one half of the table. I can see where it would be a little annoying to try and eat a meal while shuffling around the bowling order.
If panning on going without reservations, make sure you look on their website before you go as they sometimes are closed for private events. I don't think it is often, but does happen on occasion.
If it applies to you, we have used Tables in Wonderland on food/drinks while bowling. They also have a AP discount for bowling, but may have time restrictions.