Hey, another Saffer
I've never heard of White Orchid, but then again, I've only been to Thailand once before and stayed at Nana Hotel (Bit of a hectic introduction to Thailand).
I just checked out White Orchid's website and it doesn't seem too bad, but I can't makeout if it's near a BTS or MRT station or not.
If you are nervous about it, I suggest you cancel and change your reservation to somewhere near the entertainment areas. Majestic suites seems like a good choice, it's literally right on top of Nana Entertainment Plaza and right near a BTS station, so the rest of Bangkok is within easy reach.
As for a budget, when I went I budgeted about 10000 BHT per day. But I went on every tour I could and ended up seeing most of Thailand. I was lucky to have met my GF on the third day, so I spent almost no money on girls. I must admit I went completely overboard with spending on everything else though and lived like a king. To be on the safe side I'd recommend budgeting at least 6000 BHT per day.
Hope that helps. Please let me know if you have any other questions. I'd be glad to answer them.