Are you planning to walk to Hollywood Blvd? People do it, so you won't be alone. Are you going to pass homeless people? Probably.
The area immediately west of the Chinese Theater (Orange Dr) used to be not so great, but there's a new strip mall/shopping center there now with a CVS and a Subway and DSW Shoes. It looks pretty decent, clean, well maintained, so maybe it's getting better.
If you stay there, make sure you take advantage of going to the Magic Castle.