If you want the best bang for your buck to and still be in a nice area in the OC, South OC or north east OC Is probably better value. A good place to look would be Placentia/Brea/Yorba Linda. These are great communities with great schools. Even though you would have someone of a commute you would be going somewhat against traffic. We loved living in Newport Beach for the beach, but we loved living in Yorba Linda for all around reasons more.
In South Orange county Lake Forest and Mission Viejo are probably your best value/Quality combo within a reasonable commuting distance to fountain Valley.
Lots of people that are willing to commute live out in Chino Hills or corona so that they can get bigger houses for their money and still live in nice areas.