Interesting place but it may not be what it used to be. I saw relatively recent news stories about damage caused by people driving around on the wet playa. Be sure to get a recent report before heading out. I'm not sure how bad the damage is but it might not be worth the drive for the several years it will take for the playa to recover from the vandalism.
The National Park Service recommends that the trip to the Racetrack only be done by people with 4WD, That's probably wise but a bit misleading. When you take the usual route from Scotty's Castle to the Racetrack the road is relatively smooth. The big problem is that the rocks covering the road are quite sharp and can puncture light-duty tires. It's definitely a place where you'll want to avoid car trouble, which happens often to people who ignore the warnings.
If you go south and west from the Racetrack there is another route heading for Lone Pine. That way definitely requires 4WD. If you go that way be sure to take at least a few days supply of food and water with you.
There's a campground near the Racetrack. It's very remote. There were no other campers when I was there. In fact, I arrived at the Racetrack in the afternoon and stayed until a bit after noon the next day and didn't see another person.