Former employer had a warehouse in Memphis. Went down almost every year to audit operations. My $0.02:
Eats-
Commissary is best BBQ in town, or was last time I was there
Corkys is like WalMart - kind of looked down on but always really good
Rendevous - not quite as good as the above, but more expensive
Gus Fried Chicken - the locals get the catfish
Beale Street-
Booze is expensive, but its a fun place. Like Bourbon St in NO but without the dead bodies and human feces in the street. Food is okay most places, none of it is great and some places are terrible.
I always loved BB Kings. Food is average, booze is pricey, usually a cover charge. But you will listen to the best live music you have ever heard. Seriously, been there at least 4 times, and every time was just blown away by the no-name house band musicians.
Note that about 90% of the town is not safe, including the area around the stadium. Seriously, don't be outside anywhere after dark, unless you can see at least 50 other people around you. Beale is fine, lots of police there. But be careful when leaving there to get back to hotel.
Last but not least, here's a fun fact: approx 70% of all buildings in Memphis are either Baptist Churches or Walgreens. Not exaggerating. Look around.