For starters you're only a mile or two from the speed shop although they might be a bit busy right now as you can imagine. If you could stay until the next weekend for the music portion of sxsw you'd have better luck. Last year the speed shop had a little live music party. Haven't heard anything about it this year though. Continental Club on S. Congress is probably less than a mile and you're also right across the river from the infamous 6th street. Plenty of stuff to do there. Looking like I might be out of town that weekend picking up a 51 F1. PM me when it gets closer and I'll let you know for sure.
There are some bands playing & an art show going on at the South Austin Speed shop that weekend I believe. I'm sure one of the guys from the shop will post and give the who, what, and when...I'll be there!
You're within walking distance of S. Congress, S. 1st, the 4th Street/ Warehouse district downtown, S. Lamar, and Barton Springs road between s. Lamar and Zilker Park (home of one of the worlds largest spring fed pools). You could easily fill an evening just hanging out on S. Congress, there are many cool places to check out, Continental Club, Guerro's Taco Bar, Joe's coffee, Amy's Ice Cream to name a few. If you go downtown, GingerMan is a good place to get beer, they have like 84 varieties on tap. A bunch of other newer places I haven't tried. Then over on S. Lamar right next door to SASS is the Saxon Pub, good 'old Austin' vibes there, bar and live music Up South First is Jovita's, Freddie's, Polvos, Road House Relics and a bunch of other places, don't bother going much farther south than Oltorf, not much else too see/do Barton Springs rd. go to Chuy's and or Shady Grove Have fun!
These guys are some good friends of mine that are going to be in the area at the time, they put on a good show. http://www.myspace.com/thecrazetheband