Yes, it can be done. I decided Friday night that I was going on Saturday. It worked out fine. I drove as far as Bardstown, KY on Saturday night after doing a horse show, and stayed at a normally priced hotel. Then early Sunday morning, I stopped off at a Kroger, bought my discount grounds pass, and then drove about an hour to KHP. Enjoyed WEG on Sunday and drove back Sunday night since I had to be at work on Monday.
I don’t know what the prices and availability of hotel rooms is in Lexington, but once outside of the city, there is no price gouging. You might have to drive a bit to get a cheaper room, but it shouldn’t be a problem. As for event tickets, once inside the park, I lucked into a free ticket for the jumping competition. Someone was giving away an extra ticket, and gave it to someone who gave it to me. In return I sent a donation to an animal rescue, since the person giving me the ticket didn’t want any money.
It was one of those situations where I’d be kicking myself forever if I didn’t go. So I went, and I’m glad I did.
Hope your experience was as good as mine was. If you park at Spy Coast, be sure you know where your rental car is. And what it is. You may want to buy a balloon or something to tie on it so you can find it.