He isn't good with lots of people or dogs and forget it with food but I live alone and it's him and I…it's not the norm for us to be in social situations...I will ALWAYS have to manage Oakley in public..ALWAYS!
I totally understand your situation, as mine is similar. Perry has had my husband and myself, and very little company, so it is hard to practice for the rare occasions someone comes to the farm. However, we have recently had a change of location, so now I am dealing with a nine year old dog who is not used to walking on leash in an area where there are many dogs and people. It will be an ongoing challenge to get him comfortable in this situation, but for the moment vigilance and discretion (e.g. crossing the street to avoid confrontations, etc.) are the order of the day. He has never had a food aggression issue, but has always been dog aggressive. Probably somewhat fixable, but avoidance may just be the easier course of action, certainly for the moment!
As far as when to give a correction or what type of correction…..personally I don't think ignoring bad behaviour of this sort is useful. Silence gives assent, and he needs to know you disapprove of his actions. Possibly just removing him from the situation will suffice. It is negative punishment (taking him away from the fun/food) and the safest course of action to avoid a mishap.
You might consider having the puppy available as an asset. For instance, you could crate the puppy (with a chew or something so he isn't being punished), then start at a distance introducing food into the mix. Ask Oakley for a behaviour. If he acts aggressive because of the pup, put the food away and try again later, from further away. A good response.....no growling, no aggression, compliance with your command.....gets him a treat. If you can make this work within sight of the pup, then move a little closer. Build his tolerance. Once he gets the picture......growl and no food......maybe you can gradually get close to the pup and eventually show the food and alternately give it to pup and Oakley. Again, no growl and obedience to command = treat. Growl = no treat and removal from the scene. He's a smart boy. He'll figure it out!