Walking is a great way to explore London if you have the time, with only 3 days, the Tube is a better idea. A walk from Hyde Park to Tower Bridge along the South Bank (definitely worth doing) is about 5 miles and will take around 2 hours, if you don't stop to look at/explore everything you'll see, could easily take all day if you do. If during the week, drop into Borough Market on the way for lunch. Small take away dishes that you can all share to get a good taste of lots of different cuisines... if you're into food at all.
Not the very cheapest, but good value overall is Carluccio's (Italian), if you do want more of a sit down restaurant. Relaxed atmos and good food. I still maintain their version of our "Full English" breakfast is the best, if not traditional. Many branches in London, St. Christopher's Place being one of the best.
I'd definitely do the open top bus day 1, assuming the weather is nice, allowing 3-5 hrs to do the basic routes, you will see a lot this way. Then once you've had an overview, you can cherry pick sites to go back to. Do the biggest ones at opening time, like the Tower of London.
Don't ignore sun cream if on the open top bus for a number of hours.
As close to Hyde Park, a walk through there is very nice, loads to see, you could easily spend a day there (don't though). An early morning "Full English" (traditional version) and a cup of tea in the Lido Café (the one near the Diana Memorial Fountain) next to the Serpentine is lovely.
Museums are mostly free, but with only 3 days, I wouldn't allocate much time to them, fantastic as they are. You don't need to be in London to see great museums, so make the most of things that you can only do in London. Museums can be saved for a back up plan if the weather is bad.
Book the Sky Garden (weeks/months in advance) for a free visit and save time and cash not doing the London Eye.
http://skygarden.london/
Pret-a-manger (British) is a great place for a snack on the go, and in comparison to most, very reasonably priced. Other good ones are Eat (British), Itsu and Wasabi (both Japanese), all have branches everywhere. Good fish and chips is hard to find in my opinion, and the proper stuff (fresh fish rather than frozen) can be pricey.
Hope you have a great trip.