Hi Guys,
As Werner mentioned, I've offered up some advice on spectating and camping. I've always preferred watching from Turn 1, or either short chute, or also on the exit of turn 4, stands H & J (Dave H, and I have spent a few years up there on race day, and a very silly Brickyard practice day). The Vista's in each corner are terrific as well. Tower Terrace is great for watching the pre-race ceremonies, and pit stops, but otherwise you tend to have a limited view of the action. Same with Paddock, you'll see them thump down the pit straight at 230+ mph, but because the cars tend to be against the wall, you'll need to be higher.
As far as camping, yes I recommend Lots 1 A,B or C, otherwise known as the Coke lots ,there's a large Coca Cola distribution facility in the middle of the lot, hence the name. If your seats are at the north end of the speedway, these lots are a relatively short walk, we've always parked for race day, or camped in A or C. Plenty of lively partying over race weekend. I've tacked on a map of IMS parking. http://indymotorspeedway.com/500parking.html
Hope this helps,
Fax