TST
is rather smallish and if you are in the area already and know where to go, walking is definitely an option. Traffic in TST can be quite congested sometimes, so you may even make better time by walking. At my walking pace anywhere in TST is maximum 20 minutes from anywhere else.
The exception might be the summer months where an air conditioned taxi might be preferable to a brisk walk. Also, quite a few HG listed under TST are actually in Jordan which would add another 5-10 minutes walking.
I always like booking in front of the computer. In addition to being able to look up the location of the hotel, it also allows me to browse the online DB and call up the girls as I come across them instead of having to create a preselected list to take with me. I also find most public places around HK too noisy for phone conversations, especially with papasans/mamasans who speak heavily accented English at best.
By the way, my favorite online map for navigating HK is
http://www.centamap.com/