Eat at the Palace. No reservations, so expect to wait. Be sure to order the bread pudding. Should be near the interesction State and Cota.
If you're doing lunch (The Palace is fine too), you can stop by La Super Rica if you like Mexican food. It is a couple blocks north of the 101 on Milpas (I think, it's been a little while). They might only take cash.
I believe you're coming from the south. The outlet is half way between LA and Santa Barabara in Camarillo. The shops on State St. are the same as any mall (3rd Street Promenade, Century City, etc), like the GAP, Macy's, Banana Republic, Nordstrom, etc. Though State St would still be a fun stroll.