On Woodward they ticket very heavily. I would not do anything illegal on Woodward. If you move off Woodward there is opportunity for hooning.
I'm not sure if there is a best place to stay. Hotels around Woodward are going to be expensive this week. I would look for something reasonable in Troy, Rochester, Bloomfield Hills, or Birmingham. There's also a Courtyard by Marriott and a Marriott in Pontiac on Centerpoint Parkway that are pretty nice. (that's where everyone at my work stays)
ANY car can cruise Woodward. You'll see old, new, kits, homebuilts, abortion activists, shriners....you name it, it's there. GM usually has a Coney island around 13 Mile with a bunch of things out of the historical collection and a fairly large area on the south side of Birmingham. Ford usually has downtown Birmingham. Chrysler usually has a shopping center around 11 mile.