Treasure Island is one of the best bang for your buck hotels in a good location and free parking (if you plan to rent a car). I say do it if you're on a budget, however there are other ways to get cheap hotel rooms such as playing MyVegas games and building enough loyalty points to get a free rooms (especially on weekdays). The last time we stayed in Vegas my wife got 2 semi-free (just had to pay resort fee) nights at Bellagio. Then the next day we stayed at Mandalay using my MyVegas for another room while having to just pay the resort fee.
I agree with others about always using your players club including charging everything to your room. They will often give free comp rooms even if you're not a big baller. Many will use both methods to get multiple free nights as well as credit card deals/tricks to get higher status via matching and making use of specific credit card perks such as Amex Plat fine resort $200 credit which includes free room upgrade, early check in, 4pm late check out, $100 credit and free breakfast. It's much harder to get status (via credit card) now a days and I think the only current way is to get a Wyndham Rewards Earner Biz Credit Card to status match to Caesar Platinum (online) and MGM Gold (in-person) and then later you can get Hyatt Explorist.