I have no idea about campsites, but I stayed at the Cherry Tree Inn last year.  Not much to look at from the inside, but room was clean, owner was fantastic and prices totally reasonable.  Very close to Elk Lake.  Parking was short at the venue for sure.  We parked ('illegally') at a local business that was closed on race day.  The bike is hilly and there was some cross wind on the flat section.  Run is mostly flat on trail around the lake.  Not headed there this year simply due to other races--I would do the race again for sure. 

Hope this helps and good luck!