eh. that area has a lot of hotels, but i doubt you are going to find anything cheaper than days inn west end (which is where i stay...got it on expedia for around 65 bucks). Before I went to Nashville, I had always imagined the area to be full of honky tonk bars 🙂 (Hahha...never been south of Virginia, so forgive me 🙂) The campus area is actually pretty quiet.
(oh, another plus with Days inn: free wireless internet)
From first hand experience, I actually don't recommend lugging your stuff around. It rained the whole time I was there, and the garment bags can get quite heavy. Make sure you take your bags to the admissions office in the morning. You can leave them in the application lounge and leave from the medical center right after you are done.