To answer your first question first, the
Hotel Andaluz can be a bit pricey, but is walking distance from the station and is extremely nice. I recommend at least one meal (probably lunch) at Tucano's Brazillian Cafe, right across from the station. You won't need to eat dinner. Lots of places to see, entertain, shop right in that area.
Balloon Fiesta Park is certainly North of town and not a lot to do around there. An aquaintance of mine was a contractor on the nearby Sandia Resort & Casino. If you like Vegas and want an atmosphere similar with some nice food & gaming, I would highly recommend it. This isn't your typical tribal video poker casino, it's a full blown resort with golf, and every Vegas game available. It's only 2.5 miles from Balloon Fiesta Park. You can get there from the ABQ station by taking the NM Railrunner to Sandia Pueblo where you can get a ride to the resort.
Central Avenue was part of the Historic Route 66. Many of these motels are renovated from the days of the old Mother Road, and many are still up but NOT renovated! I would probably take Trip Advisor's advice on these. The Nob Hill area (East of I-25) is a trendy area that caters to the college life of the University of New Mexico. It's only about 1-2 miles from the Amtrak Station and there is GREAT dining & shopping nearby.
Do some research on the Transit system in ABQ. There are Rapid Ride busses that ply Central Avenue and Bus 10 takes you close, but not quite to Balloon Fiesta Park. Even the basic busses will get you close to somewhere, but not necessarily where a cab is waiting.
The Alvarado Transportation Center will be your friend as nearly ALL city busses, Greyhound, direct-to-Mexico busses, Amtrak and the Railrunner all stop there.
Places I like to eat along Central Ave include Kelly's Brew Pub - an eclectic restaurant which used to be a Route 66 service station, Korean BBQ House (with an all-you-can eat sushi place in the back), IL Vicino's Italian which is higher-end, and Saggio's - a college town favorite with great prices and huge servings and an incredible atmosphere. And it's next to Frontier Restaurant which is a diner that is much larger than it looks from the outside - a good 24-hour joint.
For a flair of the more laid back New Mexico, I would also recommend the Old Town area, which is about a mile or two West of I-25. It is a beautiful Spanish-influenced part of town that will have you feeling like you stepped back 300 years in time. Literally. The Church Street Cafe was built in 1706. I'm not quite as familiar with this area, as I've only eaten there a couple of times. The shopping is very fun in that area. Transit is probably not quite as good, but the Rapid Ride Red Line (Central Ave) does have a stop there. The
Econolodge seems to have good prices AND good reviews.
Almost everything I have described can be found from the following websites:
ABQ-Ride (Bus System)
New Mexico Railrunner Express (Commuter Train)
Trip Advisor (Restaurant/Hotel ratings)
If there is anything else I or anyone else can help you with, please don't hesitate to ask!
The state question of New Mexico is "Red or Green?" This refers to the chili peppers you want on your food. Both can be mild or spicy. Even McDonald's - Can I get that Big Mac with Green Chili? Remember, Chile is a country in South America. Chili is a pepper.