Okay, I spent a couple of nights in Wolverhampton this week (work in Telford, but all hotels were full), and:
- Britannia Hotel is about 5 minutes (time it takes me to finish a cigarette) walk from the railway station - really easy to find
- Yates' is another 5-10 minutes walk from the hotel
- Yates' is opposite the venue, so yes, best place to meet up!
As for places to eat, I didn't find anything half-decent (ended up eating in the hotel bar, which wasn't up to much)... Of course, there might be some, but all I could find were McDonald's, Kebab shops, and Kebab shops selling pizzas... Oh, and most of them were shut after 10pm... 
So, for places to eat, I'd recommend Yates (although I haven't checked the food in there, it's got to be better than the fast food places that are in short supply in Wolverhampton)!
Oh yeah, the hotel is very basic, with a bar that's seen better days, and shuts about 10pm... 