I was born and raised about 50 miles from Memphis and have spent a ton of time there throughout my life. Stay away from North and South Memphis. Midtown and East Memphis are your best bets. If you can find anywhere around Collierville, Germantown or Arlington, do that. Obviously if you can get a spot at The Peabody downtown, it's definitely worth it and Beale Street is walkable (unless you're roaming around at midnight). Staying at Big Cypress Lodge (formerly "The Pyramid") is safe, as long as you park close and utilize shuttles. There are nice areas along Poplar Avenue with hotels and dining in relatively safe areas. There is a large police station off Poplar, so the thugs tend to stay out of that general vicinity.
Also, the nicest area of Memphis is Southaven, MS. Southaven, Olive Branch and Horn Lake are all where many folks live who want safety and amenities, but don't want to live in Memphis proper. Those areas are very safe. Finally, if you can get a room at the Horseshoe or Gold Strike in Tunica, MS, and you're okay with casino atmospheres, those are your 2 best bets in that area.
Enjoy and get us an Aggie W!
Hogs suck, Horns suck, everyone else I can deal with.