This is a small but lovely town and the drive, although long and winding, is beautiful. Montefalco is known for its wineries. You can make a fairly quick stroll around the town and enjoy lunch but I recommend you pad your morning and/or afternoon with visits to the wineries in the area which grow mostly Sagrantino and are famous for Montefalco Rosso wine. Unlike California, these places do not necessarily staff tasting rooms so you need to call ahead to make a reservation.
There are a couple of ways that google maps will show you to cut across the countryside from our house to Montefalco. I recommend you take one route one way and another on the return so that you see the most. It takes about 45 minutes either way.
Restaurant Recommendation: Enoteca L’Alchimista
Wineries:
Caprai, Antonelli, Bea (and quite a few more)
If you have time, also visit nearby town of Bevagna which has Roman origins as is evidenced in the main piazza. Be sure to go in the morning so you can see the inside of the churches who have repurposed the roman temples. One of the churches on the piazza has an arched ceiling which is so old it was made by filling in with dirt to create the curve, covering with bricks, then digging the dirt back out.
These are both small towns so parking should not be an issue.