A guy that I used to work with lived in that complex when it was apartments. He only moved because of the condo conversion. You are aware that these condos aren't new construction, right? I can't speak to the quality of the conversion as I haven't been in that complex in probably 4 years.
The fact that he worked at the Palms, I'm sure, played a huge role in his decision to live there. It is literally across the street from the Palms employee parking area.
As for your question about walking from the Rio to your potential home, I wouldn't think twice about making that walk. It's basically right across Flamingo Road. Once you cross Flamingo you'll pass an electrical sub-station on your left and a big empty lot on your right. Then you are home.
FYI, if you remember the news story about the guy who was manufacturing Anthrax (at least I think it was Anthrax) in Las Vegas, he was doing that in an extended stay place just south (adjacent if memory serves) of the condo complex that you are considering. Hey, at least it wasn't a meth lab. right? lol
If you haven't already aligned yourself with a realtor, I would be happy to refer you to the one I used two years ago. She is a real go-getter (and used to be a cocktail waitress at the Palms if aesthetics are of concern to you )