I grew up in Orange County (Laguna Beach), and went to school at UC Irvine - though that was yeeeeeeeeears ago
, I still go back to Irvine sometimes - the campus as well as the city, and it is lovely. I'm sorry I don't know specific details as to the cost of living, but my guess is it's fairly expensive, but it's a large area, still a growing area, and my impression is the school system is very good.
I have Kaiser Permanente Health Insurance, and my GP is located in Irvine, which is a really nice facility - most of them are (I go between various facilities), but I like this one the best because it's smaller, newer, has lots of parking, near shopping and the freeway, and is never crowded.
If you could live there, I think you'd be in a great place... and surrounding areas are very nice as well.
UCI has its own medical school and facility as well.