Seaview, Bembridge, Sandown would be more scenic
Folly Inn is pretty reliable pub food (and popular with sailors visiting the Island) link
There are a few reasonable Bistro places on Cowes High Street
I assume you know you can get across the Medina river via chain ferry in Cowes.
You can get a “flavour” of the sea/Solent from Cowes Green, Gurnard’s quite pretty and worth a look but not sure I’d make that the stop-over/destination.
To throw another idea into the mix is to consider the Ferry to Cowes (from Southampton) or Yarmouth from Lymington and do a loop to take in Yarmouth for something to eat and/or a quick visit to South side of Island eg Freshwater Bay