I do the overnight LAX hotel thing too when I have an important international flight to catch the next day, to avoid the hassle of LA traffic. But I think your plan is do-able because of the 11:00AM departure.
But you'll need to get an early head start. I would give yourself at least two hours to get to LAX from Anaheim on a weekday morning. The freeways in Orange County will be a breeze; wide, modern and busy but free-flowing. But the second you cross over the county line into Los Angeles County the freeways will go back in time 30 years and the traffic will get exponentially worse. Whatever you do, avoid taking I-5 north into LA County. Try a route that takes you on the 91 Artesia Freeway west to the 405 San Diego Freeway. There's also a couple alternates from the 91 to the 405 that use the 605 San Gabriel or 710 and 105 Century Freeways in LA County. I-5 is the worst of the worst in LA County, except for maybe the 10 Santa Monica or the Hollywood Freeway, but just avoid it entirely.
A really good website to use for freeway conditions is
http://www.sigalert.com/map.asp?region=Los Angeles#lat=33.98417&lon=-118.22335&z=2
A good rule of thumb when looking at that map is to see all the southern freeways covered in real-time traffic cams every 2 miles; those freeways are in
Orange County. But the cameras disappear once you get north and west into
LA County, and that's where the freeway system can become decrepit and overloaded very quickly. Choose your route carefully and you should be fine if you get an early start.
And next time, fly out of John Wayne Airport.