The 500 Festival Parade begins at 11:45 AM local time (you need to be in the spot where you'll view the parade by at least 11:00 AM, earlier the better). We've attended the parade a couple of times before the pandemic and if memory serves me the duration is something approaching 2 hours. That would have you heading to Anderson for the Little 5 by approximately 1:45 PM. Keep in mind that the traffic can be rather congested after the parade. Without traffic incumbrances drivetime from downtown Indianapolis to Anderson Speedway is approximately 1.25 hours. If you hustle you should be able to get to the Little 500 with some time to spare.

Be advised that the parade draws about 300,000 people so traffic will be your biggest hindrance to doing both events. Quickly getting on the road with good route planning and you should be good to go in regards to doing both events.

Have fun!!