There are probably other threads which come close to answering your questions.
First thing is not to try to do too much.
I'm a mere novice with only 5 years experience but every year has been different. Because there is so much to do.
Mad Friday is something to watch or take part in, various places to watch but the road between Bleu and MB is popular, also go to indianapolis from around 11 am to see a great selection of cars.
The drivers parade in town is a good excuse to visit some new bars, or go to Arnage village fewer bars but easier to get to, you could even get an enciente general and watch the race!
Friday am pitwalk is a chance to see many of the cars close up.
I always go to the gantry by the clock for the prize giving in the hope of getting a free hat but haven't succeeded yet - got a champagne cork once!
Take it easy and enjoy.