If you are coming to HK from North America, you have little to worry about. For western people, HK area is so tiny, that it is almost beyond understanding. you can walk pretty much all of the TST area in 15 minutes or less (and you are coming to town at a time when walking is okay, because it isn't too warm). The MTR subways can get you around to most areas in a short period of time (TST is one MTR stop from Central, one from Jordan, and a couple of stops with a change of train to Causeway bay and such).
Even very late at night, when the subway is closed, there are still buses running on major routes, no big deal. The only time I have needed a taxi in HK was coming back from Macau on an overnight ferry and needing to get back to TST. Just hit the right lineup for the taxis going back to TST side of the tunnel, and it's all good.
You can take taxis around if you like, but the MTR will often get you close enough for it not to be an issue.
A important MTR tip is to try to identify which exit you want to go out of. Because many roads are not easy to cross or have limited pedestrian cross walks, it is very important to get the right exit out of the station to get to where you are going. Example, Jordan station:
http://www.mtr.com.hk/jplanner/images/maps/jor.pdf
Exit A and exit D are not really that far apart, but they are seperated by Nathan Road, and your view of where you are would be completely different (I recommend exit A for most of the interesting stuff... you can pretty much walk out and find Temple Sauna right there... ).
TST station has exits all over the place:
http://www.mtr.com.hk/jplanner/images/maps/tst.pdf
(note that exit B1 is only a few blocks away from exit D from the Jordan station, giving you an idea of just how small the area really is). If it is raining, you can go from B1 all the way to L6 underground, which is pretty impressive. Knowing where the exits are (and taking the time to check before you head outside) can really help save you time wandering around aimlessly outside.