After basking in the rising sun, and having explored the hill to the hilt, hike down. It will take 2-3 hours. Head straight to your hotel and jump on the bed. You need that extra hour of sleep.
Essentials : Pack light. If you aren't carrying your own tent make sure you pre book your camps. They get occupied real quick. There are a lot of shops in the main market that can arrange that for you. Don't forget to bargain.
Here is a link to understand the hike better.
Spend the evening roaming around and exploring a little on your own. This is the time when you don't follow any itinerary and venture out.
Where to eat : There is a plethora of cafes in McLeod Ganj. However, I would recommend you visit The Chocolate Log once. Walk downwards from the main market area. This lady has been running this place for 30 years now, keeping the ambiance intact. The food is good. But don't forget to hit a conversation with the lady. She is the sweetest.