I've gone during the Induction weekend once and while it was fun, I'd save that time of year for if you're a fan of the player being inducted. That is when Cooperstown is the most crowded, and the center of town isn't huge.
I've gone twice in early October and loved it. Most places are still open and there are no crowds. If you're going to the Hall of Fame for the first time, that is the time to go. You will be able to see everything, take your time and get nice pictures. It's a beautiful town and surrounding area, much easier to take in when it isn't so crowded.
If you go around this time of year, you really get the place to yourself, but there is almost nothing to do in town besides that, so it is more of a 1-2 day trip tops. Plus you have to watch for upstate NY weather.
Visit the Fly Creek Cider Mill while you're there. Worth the trip just outside of town
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