Definitely check out Cosmo's stores - he is a legend - and shopping at his stores is an experience. Let yourself be dressed up. Among all the eccentric clothes you will also find items that can be worn everyday.
Standard hostel close to Melrose Avenue, the Grove shopping centre, Beverly centre and Paramount Studios etc. LA is very spread out so you can't be close to absolutely everything but we were happy with this location, we didn't feel unsafe in this area. Free parking was great, the breakfast was standard for a hostel and the hostel could've felt cleaner but we had no problems with it. Would go back again if we were staying in LA.