As captcalhoun said, it's being set in New York, not Los Angeles. Also: the British show took place in Manchester, and I honestly believe that most Americans would have difficulty penetrating the accents.
Well, I'll trust that the two of you are better informed (although if true, I suppose we ought to change the wiki entry), and I'll trust that you're right about New York in the seventies since I know little of the history of the city. As for the accents: I've watched a few episodes on Showcase, and I was able to understand (though, admitedly, not without effort, which might turn off viewers). I thought it was sort-of similar to Dave Lister's accent.
Fictitiously yours, Trent Roman