All the DLP resort is walkable. It's more similar to DLR than to WDW. Each hotel has also free shuttles to the parks, but they are a convenience, not a necessity.
The only hotel whose position really makes a difference is the Disneyland Hotel, just above the park entrance (some rooms have a view of the castle). To get to all other hotels it's a 10/20 minutes walk, first you walk though the Disney Village (a scaled down DTD), then along the lake you meet the New York Hotel, the Sequoia Lodge (similar to WL, but it's a moderate and not a Deluxe), the Newport Bay Club on the left and the Cheyenne and then Santa Fe on the right.
It's a nice walk if you have the energy after a day in the park.
Which we did NOT so we used the bus between the Cheyenne and the parks. But I was horrified at the general lack of a line to get on the bus! The buses were long and although we were among the 1st 10 at the bus stop we were literally the last ones on - BARELY made it on in fact because they all pushed & shoved us out of the way. We noticed there was a lack of lines / civility all over Europe when it came to waiting in a line. THIS experience was a total mess with the buses.
If you stay at the Cheyenne, it's just 5 minutes walk more than if you stay at the New York, so just for the location the price difference is not worth (and I like the theming of the Cheyenne more).
However the New York is a 4* hotel, has much better breakfast, better character meet and greet and better amenities (a pool and air conditioning, for example, while the Values don't have it).
The Sequoia Lodge is often considered a good value for money.
I would suggest to not use points to book the hotel, it's an awful value. You can rent the DVC points and book with cash. When comparing prices, consider that cash packages booked through Disney also include park tickets for length of stay.