Last time I was out there, we stayed at the Comfort Inn on Highland near the Hollywood Bowl. When we stayed there, we ran into 3 or 4 couples who also were going to see TPIR at CBSTV City, which from there is about 10-15 minutes away.
Parking was free, the rooms were clean, and you are pretty much close to all of the area happenings (Universal, Hollywood, CBS, Burbank, etc...) and only a stone's throw from the 101/Hollywood Freeway.
Oh, and for a great place for a great italian dinner at a very reasonable price -- The C & O Trattoria at the end of Washington Blvd. by the Pacific Ocean on the Venice/Marina Del Rey border is a great place!!!
And depending on where else you may be traveling to see in & around Southern CA, look for an alternative to LAX if at all possible! If your travels will take you to L.A. and north and/or to Vegas, then Burbank and Ontario are better choices to fly into to avoid the hassles of traffic, security and shuttle trips that pick-up and drop-off rental cars, while John Wayne/Orange County is a good fly-in if your plans take you to Anaheim, San Diego and/or south of LA. And depending on which airline you fly with, those secondary airports cost the same if not less than LAX.