You're going into law school with an absolute unicorn goal. You might as well say, "I want to clerk on the US Supreme Court, cash in my 250k bonus, and then go into ______ (academia, civil rights, international, etc.) Anybody who is saying stuff like this probably has no idea what they're walking into. This isn't 1995. You need to have a realistic plan and a super realistic backup plan. And you need to have good reasons to believe you're going to be happy with those outcomes.
Lived in LA for 3 years, also went to law school with the vague idea of "entertainment law". To the housing question, i would suggest living in the Mid-Wilshire area regardless of which one you pick because you'll have access to both sides of the city without having to be on the 10 all the time.
OP, are you choosing between these two schools because you want to do entertainment law, or because they are your two best options, or for location? If they are your two best options, then I would probably pick UCLA (nicer campus, more well-known faculty, marginally better employment). I don't think either has an advantage in terms of entertainment law opportunities. Students at the top of the class will have shots at OMM, Gibson, Jenner, Latham, etc, and people at those firms are in the best position to go boutique or in house.
However, if you have other options either higher ranked or with more $$$, i would suggest not making this decision purely on whether a school is perceived to give you a good shot at entertainment law. I don't think anyone really knows anything about practice areas until they're OUT of law school at working in them - almost any practitioner will tell you this. Regardless of whether entertainment law is a realistic outcome (and again, that means a biglaw job at an entertainment-focused firm for starters), you don't have to commit to entertainment law this instant, or for several more years.
One other thing, sounds like you aren't from LA. Ties are important in LA. Not sure how it plays interviewing in LA at an LA law school, but despite having lived in the region for a while between college and law school, and going to HLS, i didn't get much action at EIP.