This is totally feasible. My only advice would be to make sure to make lodging reservations in advance, since this is the busiest season. I would recommend either Panamint Springs Resort, or any of the several motels in Beaty, Nevada. Lodging in Death Valley Tobin - yes, it makes perfect sense. Here is where I stayed.
Death Valley is just beyond the mountains in the back of the hotel.
IMHO, this IS the best place to stay when visiting Death Valley. I've stayed in Beatty, and there are only 2 motels really worth staying at. The Burro Inn was comfortable, and a nice place to stay. The condition of the Saline Valley Road within the new addition to Death Valley National Park ranges from impassable to OK with caution, depending on weather-related washouts. Thank you in advance for contributing.