The Indy 500 is still a great time. The days of drinking in the infield are gone, but the racing is excellent and the track is first class. That said, we live about 75 miles from the track and rarely go, just not that into racing.

I would first double check what type of racing you want to see, IRL, F1, NASCAR, etc... Second, if you do come to Indiana, there are other things to see, you might want to contact the track for more specific racing related info.

NASCAR is very popular in the south, if you wanted to see another race.

Lastly I would consider a "racing tour" or even a driving school to handle the entire trip or part of it:

http://www.webtravelguide.com/racingvacations.html

There are a couple open wheel schools listed.

While more expensive, it's a big effort to travel here, so why not pay more and have a true trip of a lifetime. Many tours will handle everything from transportation, tickets, and other activities.

Good Luck