If you ask me, if you are not that particular with living too close to office, then QB is a nice place to live. Quiet neighbourhood, and lots of eateries around that are actually not the standard Fairwood/CafeDeCoral/Maxim chains.
For around 20k, I think with your circumstances you can get 350~400 sqft apartment, depending on the state of the building. Look at hoi-kwong street nearby, or even the royal terrace.
Many seems to have something against QB MTR station. Maybe I am taking the other way (i.e. i leave QB in morning and back to QB evening) so it doesnt' feel that bad, but i do have to cross the road against the large crowd of people coming to work in the morning. Other than walking in the underground coming up three levels, what's so different from e.g. walking from HK station to central, etc.. its still a distant walk...
BTW however the tax savings work, you will never be better off.. you are talking about additional 10k p.m. of rental versus an annual savings of 3k ? that's 120k versus 3k.. should it even be considered in the first place?!