For your HB nights, staying at the HG Inn on highland would be super convenient, as it's an easy and safe walk to and from the bowl. Plus, it'll put you in a prime location to explore bars/clubs in your non-bowl time. The W is indeed hip, but it'll add about a mile to your trek to the bowl.

If you wanted to explore Hollywood boulevard from that hotel, you could easily hop on the red line one stop to Vine, then take your time walking back.

WeHo is indeed only 2.5 miles from there, but even in a cab or bus, a drive to HB could take well over an hour.

source: I lived on Franklin and Cherokee for about four years, saw many HB shows and happily walked to them all.