Star street is a good suggestion for living in. I work in Wanchai and agree with not living on Lockhart Road unless you are in a newer building on one of the higher floors. There is really only 2 blocks on Lockhart Road that are an issue- by the time you get to about 150 Lockhart there are no bars etc. I have a few friends who live in Wanchai and like it for the cheaper rents and proximity to work, buses, MTR etc.....
Hong Kong has a fantastic public transport system and, unlike Dubai, you do not need a car to get around. Living in Wanchai would be comparable to living in Bur Dubai!