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We went several years ago, stayed at the Peabody Hotel, a bit pricy but well worth the stay. They have the "Marching Ducks" you have to see it to believe it.
Graceland has a hotel across the street called the "Heartbreak" hotel, but I thought it was over the top, so we chose the Peabody. Do a search on it...its a classy place with a great bar.
We only spent a half a day a Graceland and I had enought ELVIS for the trip. We did spend some time at the "Elvis Car Museum" which I enjoyed, think they only had one or two Corvettes. Did have the Pink Caddy...
Don't forget BEAL street, if you stay at the Peabody its only a few blocks away. Great music and visted Bo Diddleys place. We walked down around the Mississippi River.
One thing most people overlook is the SUN Record studio....GREAT place to visit....its on the main road near the Peabody Hotel.....you will see it on the right as you go toward the hotel from GRACELAND....
Cross the river and stay in Tunica, Mississippi. Might win some $$$$. Memphis is pretty rough.
Crossing the river gets you into "West Memphis, Ark" not in Tunica. To get to Tunica, take Hwy51 South. It's about a 1 hr drive frome downtown Memphis. I would Not stay near Graceland. It's not in the greatest area. I would recommend staying at the Radison or Peabody in downtown.