Can I suggest the Warner Brothers tour instead? It's far superior to the Paramount tour, and I've walked it from Universal - you can actually see the WB backlot from the Universal backlot. Then again, I'm a huge Harry Potter geek, so I make repeated visits to the WB tour every time I'm in LA just to see the Harry Potter floor of the museum, so I'm rather biased ... I'm also a Friends and Gilmore Girls fan, so geek out at getting to see sets for those shows.
If you can afford $145, do the Deluxe tour, which includes lunch in one the backlot restaurants, and a higher level of access to sets and a more in-depth tour. It lasts about 5.5 hours, compared to the regular tour, which is about 2.5 hours.
The Paramount Studios is enjoyable, though, if you chose to go to that one instead, and if you take the metro down to Hollywood, you can walk to Paramount Studios - it's about 1.5 miles, IIRC from when I walked it.