IF I were the city government, I'd reverse that decision about the use of Centennial Park around the bandshell and allow some limited activities over there as they did in the old days. It was fun and generated interest. In fact, if I were the mayor, I'd make this every-other-year game a Nashville event, a happening. The city is all about collecting as much tourism money as it can.
Especially since Vanderbilt, unlike every other SEC school, has no real tailgating culture. You have to pay for one of their tents, which are set up on the asphalt of Natchez Trace. A very small number of Commodore fans set up in the parking lot on the west side of Natchez Trace. The old parts of the VU campus are pretty, but off limits except for walking through. I get the feeling they would rather you arrive at the last minute and leave at the final horn. Even their own fans.
Finally, I've seen some opposing fans set up tents in the grassy strip at Harris-Hillman School, along Blakemore, but you definitely have to get the permission of the school volunteers who are out there collecting for parking.