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We went on Oscar Eve two years ago, and it was actually quite fun... seeing as you could venture down to walk the red carpet. LoT photo opportunity. Though some roads were closed, the area wasn't so terribly busy.
And may I suggest the use of public transportation? The metro has a stop at Hollywood/Highland and I believe it was open Oscar Eve. If people don't have access to a Metro stop, you can always park at our condo, a convenient two stops away from the H/H stop. There's also a cheap-ish ($7 flat rate) parking lot on the corner of Cherokee and Hollywood, quite near the Egyptian; when driving into Hwood we always use it. If you come in from our eastern part of the neighborhood, even on a busy day, getting to it is really not bad at all.
If Oscar Eve turns you off, that's a bummer. Unless you go during the week, it's your only chance to view them-- and I stress again that they are usually quite worth viewing.
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