As a new owner with just over 2 years in the business, I'm going to suggest you add about 25% to your budget. I started with about the same amount and I'm currently running at a deficit. For you food service and yes I would suggest food. Depending on your customer base it may not need to be the best thing on the block but it should make people happy that it's good. You could look at Turbo-Chef Ventless Ovens and Perfect-Fry Ventless Fryers. One of our top sellers is fries and tenders. You get them par cooked and frozen. We run a convection oven and do personal sized pizzas. The goal is to make you stay and if you have decent food they don't need to leave. As far as leagues...remember leagues don't pay table time so your only income will be from you food and beverage service. Most league night run approx. 4 hours and depending on the size could take up half of your tables. I also if you go with several leagues you check with the operators for scheduling. If you have a team that plays BCA on Monday night and you have APA on Monday, you may have a issue with getting players in your room. In house leagues are great. They are usually there to have fun, they spend more money on food and drinks and best of all they're not pool players. Pool players don't spend money. People that like to play pool, DO!
I'm not going to tell you not to do it but just think about where and how your going to make it work. Mentally, Physically and Mentally.