Travis-the W is just about the same walking distance as the 4pts.
Stayed at the 4 pts last year(matress run)alternating with the Sheraton(while using a discount from the Montreal tourisim co.)and while the 4 pts is OK-I would no make it my choice for a first time visitor.Not a bad place-just a little run down/in need of some TLC-just like me
The cabride from the clubs to most of the hotels will be less than $10.During the day(and even at night-up to 1 am)you can take the metro,
If you can swing the W price wise go for it.I will be there next week and report back.

But yes-the Gouv. will be pride central and is right in the heart of the action for pride,