That's another thing I noticed now that you've pointed it out - Times Square is 7th Avenue & 42nd thru 46th, while FAO is 5th & 58th. And don't forget that avenue blocks are pretty long! PLUS there are all the "new" pedestrian walkways that tie up traffic in Midtown ... and tourists who don't know how to walk ... and ... you'd be better off figuring out which one you'd rather do instead of trying to get from TS to FAO - AND back! - so you can get to the New Victory! (I used to pass it every day on my way to work. I guess you COULD take the Times Square Shuttle/"S" train to Grand Central, then switch to the 6 train uptown to 59th St. The Shuttle lets you out on the corner of 7th & 43rd which is right outside the New Victory Theatre.)
TRU is in Times Square; FAO is not.
FAO is right across from the Plaza Hotel, which my brother & I pointed out to DD at Christmas. (DD is a big Eloise fan.)
TRU, on the other hand, is right near ABC studios and the Mariott Marquis.
I'd also recommend HopStop for figuring out "point A to point B" - you can even have directions sent to your phone as text messages. (I favor texts over e-mails on a smartphone due to data service irregularities underground.)