A very good subject!
I live in Italy so I don't know a lot about Memphis except for what I know through Elvis.
I was quite upset to read in newspaper last August that many people in Memphis every year organize something against Elvis and the big presence of his fans, telling that Memphis has to be known also for others reasons.
You don't have to like Elvis and his music but I don't think it's fair to do these kind of demonstrations...there's no doubt that Elvis gave popularity to Memphis and the city still earns every year thanks to him.
There had been a lot of good musicians and artists (for example B.B King) but nobody has nowadays the same popularity as Elvis.
People should be proud of it, even if they don't like Elvis Presley...the most important thing is not to transform the city in operation of Elvis and to have respect of every historical place.
About Graceland...well, I don't think Elvis had ever thought to leave it and move somewhere else. He always said he loved to live in the south and that he liked to live there. We don't have to forget that Elvis lived a lot in California during the movies era and then he started to tour a lot aroud the States so I think he liked to come back in the place he considered HOME.
He liked Memphis and I've always been surprised to read that he loved to take his friends or guests (June Juanico, Natalie Wood, Nick Adams and so on) in the places he liked most or where he spent particular moments of his life...Lansky's, Humes High School, Sun Studio, Beale Street....everytime the same tour!
I don't do the same with my guests....
This is the proof of how he liked Memphis and how he wanted to share his feelings towards the city with others people...