I have yet to visit Paisley Park for a tour, but one of Minnesota Monthly's writers did and he found it to be a very moving experience. You see everything from Prince's recording studio to the urn holding his ashes.
Parts of the space, such as the atrium, are very dramatic, but there's also a very human aspect to the tour, with things left exactly as they were when Prince died (including a beat up suitcase in his office). Many people on the tour had stories of seeing Prince at the local Caribou or Byerly's.
There aren't a ton of food options in the area, some of the best are the two eateries at the Chanhassen Dinner Theatres or ChuckWagon Charlie's Smokehouse and Saloon. Prince had recruited the owners of the People's Organic restaurants as his personal chefs, because he ate a lot of vegetarian and organic food. If you want to try the type of cuisine he enjoyed, go to their restaurants in Uptown and Galleria. And if you're not a vegetarian, try their excellent bison burger.