We went for the 2003 season. You're right, we had to stay in Jackson, drove back there after the game. The interstate drive isn't too bad....mainly it's just waiting in traffic to get back to the interstate from the campus. 2 1/2 hour drive after game........not that bad.
I made reservations in Tunica at the Gold Strike Tunica Resort. Room is about $89/night, no minimum stay required. It's also where the Alumni Assn booked for those on that trip. It's about the same travel time as from Memphis (1-1/2 hrs). Good Luck!