I'm not familiar with Orbit, but I found you some traveler's reviews on TripAdvisor.
The location is OK, you're on a bus route, just remember L.A. isn't known for its public transportation. Farmers Market and CBS-TV studios are "nearby", but you are some distance from the beach. One more thing, unless The Orbit offers tours, you'll definitely need a car to get out to Magic Mountain.

Keep'em flying