as durham giant says, there is plenty of accommodation outside of the city centre. i have stayed there with work and was in jesmond for most of my visit, which is just north of the city centre and a couple of metro stops up from the haymarket, monument area. plenty of hotels here. the best value perhaps will be in whitley bay and south shields both served by the metro. remember the area hosts a similar number of visitors for the great north run and does ok for accommodation. i did the GNR several times and never had any problems staying in the area if i booked early enough (though all the close hotels filled up really quickly) - for the hardy there are camp sites on the coast too
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. for anyone driving there are lots of places within 30 mins drive - durham, hexham, alnwick with decent hotels and in nice areas.
whilst i was up there i used the metro all the time for getting around and found it great. for day visits, drive to the outskirts, park free and get the metro into town, sorry toon
haven't been up for a wee while so not too well versed on the pubs now, but always liked rosies bar which is near the ground near chinatown and did good ales. used to be a fine pint of draught bass in the percy arms nearby, and over towards the infamous bigg market the duke of wellington was good, but don't know if it is still there