I have just done some research, and I am now prepared to give an opinion regarding the question:
"What does the adverb 'well' modify?"
Answer: It modifies the prepositional phrase ("below the usual standard").
Here are some examples that I found (the adverb is in capital letters):
1. He arrived EXACTLY (on time).
2. She was standing ALMOST (at the top).
3. The plane is JUST (below the horizon).
P,S. There are some people who believe that the adverb modifies only the preposition, such as "on," "at," and "below." I believe, however, that most people feel that it modifies the whole prepositional phrase.
Therefore: The meal was WELL (below the usual standard).