The directions given are spot on. There are also excellent bus connections if you do buses.

As for the Waldorf, I loved being based in the Covent Garden area, but wouldn't get too excited about the hotel. As many on the Hilton site have said, it's not really 5* standard and I found the service very uneven. But never having stayed at Paddington Hilton I can't compare. (But it's probably not an accident that you need the same points for both. )