Depends when you go as to whether you’ll even get a place to stay. It gets rammed with petrolheads of all kinds on big weekends like Easter and bank holidays. We stayed at Hotel Zur Burg which is right in town about a mile from the track entrance and is as good a place as any to kick off. There’s a few hotels in the town itself and outside that, a good place to try is Adenau. For food, Pistenklause and Lindenhof in Nurburg are good places to hang around for a bit.
There is apparently trackside trails all along and I know for the bits we walked (it snowed a LOT when we went) were fire-road style. A good amount of climbing and descending as you’d expect.
For spectating, try Adenauer Forst. Plenty of fun to see and then you can roll down the hill back into Adenau for lunch/dinner. If not check this site out