So, while there isn't a specific name for "residents of Tinsel Town", you could call them:
* Hollywood residents
* Angelenos (referring to residents of Los Angeles, which includes Hollywood)
* Hollywooders (though this term is less common)
You could also use playful names like:
* Tinseltowners
* Dreamers
* Stars
* Aspiring actors/actresses
* Hollywood hopefuls
Ultimately, the best way to refer to residents of Tinseltown depends on the context and the tone you want to convey.