I actually live in Little Five Points. It is a nice hipster/college/punk rocker/rich hippy area surrounded by beautiful Victorian neighborhoods and is one of the safest places in ATL despite what many out-of-towner xenophobes think. I will be out drinking, etc. on Saturday, so I might meet up with you guys even though I'm not a big poster around here (how are you guys meeting up?). If you're hitting up bars, I recommend:
Manuel's Tavern. Corner of North Highland and North Ave. Excellent food, decent beer selection, always plenty of seating. I usually go there at least twice a week.
The Porter. Euclid in the strip. Hundreds of beers, lots of quality imports and domestic microbrews, horrible food (except the fries), seating can be scarce on weekend evenings but the amazing beer selection is worth scoping this place out.
The Yacht Club. Euclid in the strip, close to the corner of Euclid and Colquitt. Small beer selection with a few good brews, decent food, service slow as molasses (no problem if you're like me), excellent atmosphere if you can find seating.
Righteous Room. Ponce de Leon Ave, close to the corner of Ponce and North Highland (walking distance from Little Five). Decent beer selection, pretty good food, cool atmosphere if you can find seating.
There are lots of other great places in L5P but, as a beer snob, if I had to recommend a single bar, it would definitely be The Porter.
In my opinion, there isn't much worth seeing in downtown ATL; it's mostly touristy. Most people either hang out in Buckhead (clubs and joints for rich people) or in Virginia Highlands (on the other side of Ponce from Little Five Points down North Highland Ave, about half a mile down the road with even more bars and restaurants), or in L5P.