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Hollywood is not exactly shut down. Both Hollywood Blvd. and it's parallel street immediately south, Hawthorn, are closed between Highland and Orange.
There's usually good street parking south of Sunset, which is where I intend to look for a spot. The area around the Egyptian Theater, where the films are playing, is not closed off. Parking can sometimes be found on the streets there, and the parking lot behind the Egyptian should be open. If you're going to try to get north of Sunset in this area east of Highland, I'd still recommend staying OFF Hollywood Blvd. and sticking with the side streets.
As for train party ... the Metro station at Hollywood & Highland will be closed the night of the Oscars, but I'm not sure about the night before. If trains skip that stop on the 24th as well, it's a longish walk from the next nearest one at Hollywood and Western.
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