I'm in full agreement with the two Destination Experts about not trying to take public transportation, especially during the holidays. Additionally, the ZaZa is about 6-7 miles south of downtown, very near the Medical Center, while the Magnolia is in the heart of downtown. I'd imagine downtown will probably be pretty dead at that time, although some of the restaurants and bars may be open.
In the area near the ZaZa, you'd need to take a cab or a rental car to get to any restaurants, bars, etc., for there's nothing anywhere near there except the museum district, and I'd assume they'll be shut down at that time, as well. Have you considered staying in/near The Galleria, where there's always something going on? (The drive is probably 30 minutes to the "entrance" to Kingwood without traffic, and there shouldn't be a lot at that time.)
Edited: 4:30 pm, December 05, 2012