It's not where hope goes to die. In fact, after living in SoHo, DB, Wan Chai, K-Town, and now TC, I prefer TC the most, but I have kids now--it's not crowded and there's plenty for them to do. To answer your first question, yes, many KA/CX/HX/HKE crew live in TC.
I know 30 minutes to Central sounds real, but it is not, unless you live in TC Crescent right on top of the station, and your night out is in IFC Mall, then maybe but that's still more like 45 minutes all-in. Also, if you like to pound a few when you go out, you won't want that commute back home whether by train (before 12:30am), taxi, or Uber. If you are workout warrior, and drinking is not your bag, then TC is pretty good for biking, hiking, and jogging. Also, you could try the midlevels and you can run up to the peak on your down time. If you are more interested in partying, then I would recommend SoHo or Wan Chai, you can get a place for $20k but it will be small. Now, small to you may be 1000sq ft in your home country. In those locations in HK, it's probably 170-230sq ft. As someone else suggested they are all easy access to MTR to AEX.
I assume you've done your research so you know that everything will be more expensive here, there's no shortcut around that, unless you're flying longhaul and doing your shopping in your overnights. So take advantage of HK and use it as a base to explore around Asia. There's also some really cool people here from all over the world, and it could be a really good spot to make lifelong friends. And if all else fails, if you drink enough, you'll never be alone here.