The main east-west streets of central Hollywood are Hollywood Blvd. and Sunset Blvd., intersected by the main north-south streets of La Brea Ave., Highland Ave., Cahuenga Blvd., Vine St., and Gower St. Any location within a few blocks of these intersections is likely to be a satisfying choice. Night-time pedestrian activity in this area is focused on Hollywood Blvd.
The main areas of Hollywood are walkable, and you could walk all the way from Hollywood Blvd. to Melrose, but most people would probably drive.