In short while there is large park/recreation/bbq area next to the bike park there is no camping allowed there.
As the park is only 10-15 minutes drive (30 minutes ride) from the Hobart CBD there should be plenty of options for everyone, but take note that the race is on towards a peak tourism period so book early.
If you really run into problems or are trying to keep things cheap there may be a few locals willing to help you out too if you can offer something similar in return etc. Feel free to PM me if you have any specific questions.

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