A small brew pub would probably provide the highest profit margins. Small craft brewing requires a certain amount of volume to turn a reasonable profit. With a brew pub you can make greater profits on beer sales by selling directly to the clients.
A kegging operation is better than a bottling line. You can move beers faster with less risk of spoilage.
I know a professional brewer who makes small volumes of beer and turns a very modest profit.
Good luck. Make a good burger...good hand cut fries, a few salads and some fried appetizers, combine that with some tasty beer and you just might win. If your business partner will invest the capital without great expectations I'd say go for it.