If you're a big fan and visit Graceland,do yourself a favor and buy the VIP ticket. In addition to the Mansion,it gets you into the car/vehicle museum,the jumpsuit museum,and gives you front of the line access for the shuttle ride to and from the house.
If you don't mind driving,I would suggest booking a room outside of Memphis(I stayed in Jackson, Tenn.)You'll save money on the hotel. Also you can book the time that you want to visit. I opted for early on a weekday morning and crowds were never an issue. It is really a fantastic experience and you can spend a very memorable day there. They have a webcam outside the house,so you can call your friends at home and they can get on the computer and watch you wave hello to them in real time.