Quoted from shacklersrevenge:

My first time at Allentown in 2010, I stayed at the Econolodge near the exit and it was nothing but prostitutes running around, and the room was horrible.
Stay across from dorny park, the comfort suites is where us pinheads go. Use pinfest 2016 for the code to get the best rate.
Both days is recommended if you are a serious pin head or bargain hunter. Friday is usually a great day to go, but both can be great days. People tend to really pack up shop around 4-5pm on Saturday, so something to keep in mind.
Be sure to grab some good eats at the farmers market across the street and just try and soak it all in, it's a great show.