it's actually not half horrible, really. plenty of great restaruants in ES nowadays, there's a trader joes pretty close, obviously the beach is right there. sounds like you're going into it with your eyes wide open with regards to being in the flight path, so that's good.
as long as you're willing to put up with traffic, I'd say go for it. just have to do your best to schedule outings with/against traffic, so as to not waste too much time there.
as far as running, if you're willing to get up early, there are amazing (literally, amazing) trails right off of Sunset, about 3-4mi from the 405, and getting back home won't be too bad (assuming you get up at 5:30-6, on the trail by 6-6:15, back heading home by 7:30-8), then there is always the beach bike path, which is actually marked in spots, but perfect for tempos & long runs.
there is a track that I think is pretty open/accessible in north redondo (can't recall the name), then there is always ES high school, think it might still be dirt though. Santa Monica JC is pretty accessible, TCLA trains there tues (& maybe thurs?) nights, and otherwise you can always use outer lanes, even if it's "closed".
there's a couple good tracks in CUlver city, CC HS and a jr college, IIRC.
all in all, not a bad choice. post any other questions here and I'll try to check manana.