Hi. If I were you, I wouldn't get too hung up on the 'Orchard Road' thing. Firstly, I think most of the clubs and young nightlife is more likely to be around Jalan Sultan, Holland Village, Boat Quay/Clarke Quay and probably others (I'm too old nowadays
) Second, provided you're near MRT or somewhere to get taxis, Singapore is small enough that you could move a little further out and thereby get a better place for the same $$$s and still be able to get anywhere in 20/30mins. Maybe somewhere along River Valley road ... kindof middle ground between Orchard and the above locations, and should be lots of places available.
Good luck.