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I've done it, and you do save on money. Budget $70 per night, so that you'll have excess budget on the nights where cheap accomodations are not available. Don't worry about parking -- I did it in a BMW filled with possessions, and it wasn't a problem.
Don't worry about the reservations, as you never know what your schedule will be like -- except for places where you certainly want to spend the night (Vegas / Tahoe / etc).
I'd suggest the book "Road Trip USA".
My route started in Fayetteville, NC and took me down I95 to Florence, and the I-20/US-80 all the way past Dallas. I then picked up US-83 and took it straight up to US-66/I-40 and took straight across to Kingman, AZ (with a side trip to the Grand Canyon). US-93 to Vegas, rest!, and then US-93 straight up to US-50, and then across to Tahoe. From Tahoe, it was US-50 down and out of the mountains to I-80 at Sacramento to I680 and down into the East Bay here outside of SF.
Phew!
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