I went to the HOF in 1999 about a month after Nolan, Ripken, Yount and Brett went in.
First, you have to realize there aren't any hotels or chain restaurants in Cooperstown, they don't allow them. You'll have to stay out of town and make the commute. Utica is probably the closet city with anything in it.
We actually flew into Hartford, then drove about 30 miles to spend a few hours at the Basketball Hall of Fame in Springfield. We drove on to Albany, stayed the night, then went to Cooperstown the next day. We stayed in a little dump of a hotel (we were 25 and lolpoor) in a town called Sharon about 20 miles east of Cooperstown.
This is not hyperbole, you will not leave the HOF the entire day, even more so on an induction weekend. We were there in August and were in the place for 6-8 hours with only a break for lunch mixed in. Plus there are memorabilia places by the dozen all over Cooperstown.
Would also suggest turning it into a longer trip, you're so close to so much cool stuff. We went to Boston for the weekend and saw Pedro pitch at Fenway on our trip. You're also only 2 hours from Scranton, and if you'll recall, there ain't no party like a Scranton party, cuz a Scranton party don't stop.