1) Yes. Hotel rates are through the roof for SXSW and the F1 race. Pretty standard practice around here. The track is sort of out in the middle of nowhere. It might be in your better interest to search for a hotel in Pflugerville, Texas or Round Rock, Texas. They are suburbs on the outskirts of Austin proper. You might be able to get better rates, and only add about 15 minutes drive time.
2) Austin tends to be a very liberal town. Uncle LEO doesn't seem to step-up anymore during a big event, than any other time of the year. Keep within the normal, sensible boundaries (trafficking, street walkers) and do your homework. You should be fine.
3) Parking. You mentioned having limited mobility. If you do carry a handicap placard, you should have no issues parking at the track. They do have open parking, but not as much as they should. I don't know much about the whole situation, but I do recall them shuttling people in from parking areas. I'm sure if you look at their website, you'll find all the info you need.
Most of all. Enjoy your visit! And don't get too wrapped up with just the race while you're in town. Austin has a lot to offer for good food, good fun, and entertainment.
Alisha...xoxo
-- Modified on 5/19/2016 6:30:04 AM