hey geno8r
I've been to Indy about 5 or 6 times...it's awesome fun, you'll love it!!
For accommodation the best thing to look for is the distance the hotel is to Cavill Avenue...that's right near the track and where all the action is - clubs, restaurants, shops etc.
we stayed here last time: http://www.breakfree.com.au/resorts/?resort=1065
it was pretty good, views of the river on one side and the highway on other (the highway doesnt sound great I know, but at least you can watch all the cars go past...and EVERYONES out doing laps and cruising around).
I would recommend going to a travel agent, they seem to be able to get better deals, especially if you book the flights with them too. The earlier you book the cheaper it'll be.
Are you flying into Brisbane or Coolangatta?
If it's Brisbane, I've found the best way to get from the airport to the gold coast is to get a hire car, just the cheapest one like a pulsar or something. The train is a pain in the ass And a car will only cost you $40 or so, and split between your mates, it's cheap....and you can stop off and do what you want on the way (ie buy GROG etc hehe)
And Hertz conveniently have an office right in the middle of surfers, so you can dump the car and only pay for 1 day.
If you're going home on the Monday, make sure you've booked a car to get back to the airport in advance, cos everyone has the same idea, and they usually have none left.
Umm can't really think of anything else right now...hope that's help a little bit
Shell