Letters of recommendation matter so unless it is likely to doom your GPA, I'd say go to the conference. You never know where those network meet-ups can lead. (met my husband at one....)
Go to the conference. I am not a huge fan of the Annual APA Conference (now), but it'd be a good experience for you to get out there and maybe make some connections if you haven't previously published/presented at a conference. Use Priceline to get the best hotel rate, and use the money you save on food.
Food recommendations....since it is your first time, I'd recommend attending the various speakers, though ditch one morning and check out brunch in the city. The "Nun Brunch" (Court of Two Sisters) is good if you want live jazz music, but it's a bit too touristy for my taste..and expensive. If someone else is paying, check out the Commander's Palace instead (they have a great dinner too). If you are footing the bill, the easy choice is
Lil' Dizzy's down on Podroyas. It can get busy, but it is well worth it, and it should be <$15. They have a location at the Whitney (gorgous hotel), though I think that one does mostly sandwiches. Get whatever is on special, I have yet to get a bad special there.
I'd recommend a splurge lunch at
Riche in the Harrah's Casino. They offer an "Executive" lunch for around $15-$20, and it includes lunch portions of some of their favorite dishes. If you really want a treat, order their charbroiled oysters as an appetizer. They usually don't list it on the menu, but they'll make them if you ask nicely (they use fresh parmesan which is AMAZING). Drago's made them first, but Todd English of
Riche perfected them. If you are there with friends, also ask for a dessert sampler/selection. Again, it may or may not be on the menu, but as long as they aren't slammed they usually put together a nice mix of things to try.
You can eat cheap around the city otherwise, Po' Boys and the like should balance out your food budget. Whatever you do, DO NOT go to any chain restuarants down there. The local places need your money (except
Riche, I'm sure they do fine), and frankly they are far better.
Darn, now I'm hungry.