The Strip is about 5 minutes walk, just on the other side of the Bullring. Or at least the middle of it is. You then have several hundred yards of bars, clubs and restaurants (and time-share/holiday club touts) to negotiate.
The old town on the other hand is well over a mile including a couple of quite steep hills. You can get a bus every half hour from the 'Globes' roundabout for €1,10* or a taxi would cost about 4 Euros. You can get around town between just about anywhere and anywhere else for 4 or 5 Euros. However in peak season eg from mid-July to end August taxis can be quite difficult to get hold of as they are limited in number and of course very busy.
* 55 cents if you invest in a pre-paid card.
Sorry, cannot help with restaurant recommendations as I don't live on that side of town but rest assured every possible taste is catered for. Also., what's your likes and dislikes? Avoid the obvious tourist traps if you can.