Here are some observations from my experiences at Reno:
1) Lodging, many of the race team crews stay downtown in the casino hotels. Why, because they are on low budgets. Just checked and Circus Circus has rooms during race week starting at $20. Eldorado, Silver Legacy, and the Golden Nugget usually have rooms at a good rate.
2) Some folks use the shuttle buses that run from downtown to Stead on a regular basis. Small feet but might be what you are looking for. Most of the casino hotels have a free shuttle from the Reno Intl to their property.
3) There are two ways to experience the "National Championship Air Races". I suggest that you approach it both ways.
a) The air show - Get a ticket, sit in the stands, walk the midway of souvenir stands, food stalls, visit the static displays, have a good time at the airshow.
b) Get a pit pass and start wandering around, several RV's in the Sport Class will be parked outside on the West end of the outdoor pits. You will see several aircraft that are owned by folks that regularly contribute to these forums. Wander the big iron pits before and after the races. You will see what air racing is really about, a couple of years ago I watched a crew from New Zealand changing an engine in a Spitfire that had gone south during qual. They were out in the open with a forklift in a thunderstorm and wrenching like they had a war to win. They one their heat the next day. Go stand by the pit K rail during qualifying, you will be with the crews waiting to recover their aircraft awesome experience. Visit the Formula 1 pits (they are inside a hangar). These guys are small but work just as hard to a fraction of a second as the Unlimiteds. I have never see so many small engines being replaced or having cylinders changed out in one afternoon as these guys do. Think about how you can turn laps over 200 mph in an aircraft powered by a Continental "C" series or 0-200 engine. Stop by the "gentleman" pits of the Biplane guys, usually pretty quiet but I believe they are expecting almost twice the number of participants as they had last year. I do not believe that "Phantom" will be there to turn in 220+ mph laps but worth the visit. Look for the White and Yellow Pitts (Race 31) of Tony Higa, he usually has great salted caramels from one of his sponsors on the table.
4) Keep in mind that you may be experiencing the last opportunity to watch the Unlimited big iron in a race environment. Take it all in from engine start to the y are parked, nothing like the sight and sound.
5) Watch the forums here as race week approaches, you may see one or two after race hangar BBQ invitations show up. If you can take the time to go!
And of course keep an eye out for Sport Class Race 87 if they are there, one of the best RV's on the line <GRIN>!
Only my opinions and observations for what they are worth.
Have a great time!
-larosta