If you are single and it seems you are and like to go out. I would give it a try for the first year/two years. Then you will be ready to move a little bit further.
I have lived on Peel Street (serviced apartment though) when I came to HK and loved it. But moved after 1 1/2 years.
It is in Central, you just walk.
Western-style bistros/restaurants with meals in the $80-140 range, yes for lunch set, no for dinner. Your range is expensive to the Hong Kong office workers in Central, eating out in HK is 2 to 4 times cheaper than western countries. Many eateries in Central and Sheung Wan with lunch $60 or below are full of office workers and lines exist. If you goto western places with lunch costing $80 or more in the area, you will find less people and noise.
Wan Chai has less foreigners at lunch time, therefore cheaper.