If by "Woodward thing" you mean the Dream Cruise, then it's worth it to come and see the cruise itself but probably not drive in it in a Lotus. Unless you like driving 10MPH. It's 98% American cars in any event, and the 2% that aren't are typically not run of the mill expensive performance cars. Your Mini Moke would be awesome in the cruise.
What it IS is a very cool piece of Americana that all of the Woodward corridor communities participate in. There are car shows and impromptu get-togethers all over the place during the Saturday of the cruise. It is very much worth seeing and participating in.
Where you could enjoy driving, as a number of Lotus guys regularly do, is in the days and weeks leading up to the cruise itself. After dinner every week-day and Saturday more and more cars cruise, stop at a number of parking lots of strip malls and businesses that line the street, and chat cars. There is a Shell station in Royal Oak that caters to muscle cars, right across the street from a lot in front of a mall with Potbelly's and a Verizon store that gets the young tuner crowd. It's great fun for an hour or two in the evenings just to drive and stop and talk. You will absolutely see some fantastic cars, but really no Porsches, Ferraris, Lambos, or much else foreign except for the tuners.
People do love the Lotus, though, and if you stop you will always have someone come up and talk.
You should do it, and make sure you get a Hunter House burger or four. Let me know and I'll show you the way, our house is about a mile from the Birmingham portion of the Woodward corridor.
The Woodward Dream Cruise is one of the coolest things you'll ever see. You'll see cars you have never seen before ( or ever will again ) Yeah....it's only on one day ( supposedly ) but....it really starts about 2 weeks before and goes 2 weeks after....Friday and Saturday nights are popular.
Yeah Jeff, its a really fun time. Its crazy what you see there. Last year there was like 5 mad max crazy cars driving around with people hanging all over them. Kinda strange but the people watching and cars are unbeatable. I think its the largest cruise in the world.