Stay downtown. Dozens of hotels, restaurants, bars and live music venues with plenty of people with whom you can mingle. Good access to track, which will be east of downtown.
If you want a couple of alternatives away from dowtown you might try the Barton Creek Resort, especially if you want to play a couple rounds of golf during your stay.
If you want to stay away from Austin, try the Hyatt Resort in Bastrop. It is unique in that it is the nicest property available east of the track, but will be very accessible.
I see you have a Vegas address. That is good because you will need to be used to the heat. Last information I saw said the race date might be in June. Highs generally in the mid 90's, low around 70.
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