ok, first of all graceland is not located in the best part of town. pick a hotel down town. cheap hotel will be a hampton or such, but if you want to experience memphis book a room at the peabody hotel.(which is downtown) the peabody has lots of history and is close to beale street, where all the blues clubs are and many other clubs.
if you don't want to stay at the peabody, stay downtown and get a tour bus to graceland.
btw, tunica is about 45 min from downtown memphis, and would be a good day trip.
lynn